N-CSRS 1 fut-efp15342_ncsrs.htm FRANKLIN UNIVERSAL TRUST - N-CSRS
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-05569

 

Franklin Universal Trust

(Exact name of registrant as specified in charter)

 

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

 

Alison Baur

Franklin Templeton

One Franklin Parkway,

San Mateo, CA 94403-1906

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 650 312-2000

 

Date of fiscal year end: August 31

 

Date of reporting period: February 28, 2025

 
 

 

ITEM 1.REPORT TO STOCKHOLDERS.

 

  (a)The Report to Shareholders is filed herewith

 

Semiannual
Report
Franklin
Universal
Trust
February
28,
2025
Not
FDIC
Insured
No
Bank
Guarantee
May
Lose
Value
Distribution
Policy
:
The
Fund’s
Board
of
Trustees
(the
“Board”)
has
authorized
a
distribution
policy
(the
“Distribution
Policy”).
Under
the
Distribution
Policy,
the
Fund
pays
monthly
distributions
and
seeks
to
maintain
a
relatively
stable
level
of
distributions
to
shareholders.
With
each
distribution,
the
Fund
will
issue
a
notice
to
its
shareholders
and
an
accompanying
press
release
that
provides
estimates
regarding
the
amount
and
composition
of
the
distribution.
The
Fund
will
send
a
Form
1099-DIV
to
shareholders
for
the
calendar
year
that
will
describe
how
to
report
the
Fund’s
distributions
for
federal
income
tax
purposes.
Shareholders
should
not
draw
any
conclusions
about
the
Fund’s
investment
performance
from
the
amount
of
distributions
or
from
the
terms
of
the
Fund’s
Distribution
Policy.
The
Board
may
amend
or
terminate
the
Distribution
Policy
at
any
time
without
prior
notice
to
shareholders;
however,
at
this
time
there
are
no
reasonably
foreseeable
circumstances
that
might
cause
the
termination
of
the
Distribution
Policy.
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
3
Financial
Highlights
and
Schedule
of
Investments
5
Financial
Statements
26
Notes
to
Financial
Statements
30
Important
Information
to
Shareholders
40
Annual
Meeting
of
Shareholders
41
Dividend
Reinvestment
and
Cash
Purchase
Plan
42
Shareholder
Information
44
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Franklin
Universal
Trust
Dear
Shareholder,
This
semiannual
report
for
Franklin
Universal
Trust
covers
the
period
ended
February
28,
2025.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund’s
primary
investment
objective
is
to
provide
high
current
income
consistent
with
preservation
of
capital.
Its
secondary
objective
is
growth
of
income
through
dividend
increases
and
capital
appreciation.
We
invest
primarily
in
two
asset
classes:
high-yield
bonds
and
utility
stocks.
Within
the
high-yield
portion
of
the
portfolio,
we
use
fundamental
research
to
invest
in
a
diversified
portfolio
of
bonds.
Within
the
utility
portion
of
the
portfolio,
we
focus
on
companies
with
attractive
dividend
yields
and
with
a
history
of
increasing
their
dividends.
Performance
Overview
For
the
six
months
under
review,
the
Fund’s
cumulative
total
returns
were
+4.00%
based
on
net
asset
value
and
+8.52%
based
on
market
price.
For
comparison,
the
ICE
Bofa
US
High
Yield
Constrained
Index,
which
tracks
the
performance
of
U.S.
dollar-denominated
below
investment-grade
corporate
debt
publicly
issues
in
the
U.S.
domestic
market,
posted
a
+3.87%
cumulative
total
return
1
.
Utilities
stocks,
as
measured
by
the
Standard
&
Poor’s
®
(S&P
®
)
500
Utilities
Index,
which
consists
of
all
utility
stocks
in
the
S&P
500
®
Index,
posted
a
+5.42%
cumulative
total
return
for
the
same
period.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
on
page
3
.
The
Fund
has
a
policy
of
seeking
to
maintain
a
relatively
stable
level
of
distributions
to
shareholders.
This
policy
has
no
impact
on
the
Fund’s
investment
strategy
and
may
reduce
the
Fund’s
net
asset
value.
The
Fund’s
investment
manager
believes
the
policy
helps
maintain
the
Fund’s
competitiveness
and
may
benefit
the
Fund’s
market
price
and
premium/discount
to
the
Fund’s
net
asset
value.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Effective
September
30,
2024,
Patricia
O’Connor
was
added
as
a
Portfolio
Manager
of
the
Fund.
Thank
you
for
your
continued
participation
in
Franklin
Universal
Trust.
We
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Glenn
Voyles,
CFA
Jonathan
G.
Belk,
CFA
Patricia
O’Connor,
CFA
Portfolio
Management
Team
Portfolio
Composition
2/28/25
%
of
Total
Investments
Corporate
Bonds
60.7%
Common
Stocks
35.4%
Marketplace
Loans
1.2%
Other
*
0.5%
Short-Term
Investments
2.2%
*
Categories
within
the
Other
category
are
listed
in
full
in
the
Fund’s
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
Top
10
Holdings
2/28/25
Issuer
%
of
Total
Net
Assets
a
a
NextEra
Energy,
Inc.
3.9%
Sempra
3.1%
Entergy
Corp.
2.5%
Alliant
Energy
Corp.
2.5%
Evergy,
Inc.
2.4%
Duke
Energy
Corp.
2.3%
Southern
Co.
(The)
2.2%
CMS
Energy
Corp.
2.1%
CenterPoint
Energy,
Inc.
2.0%
DTE
Energy
Co.
1.9%
1.
Source:
Morningstar.
The
indexes
are
unmanaged
and
include
reinvestment
of
any
income
or
distributions.
They
do
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
6
.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
February
28,
2025
Franklin
Universal
Trust
3
franklintempleton.com
Semiannual
Report
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Total
returns
do
not
reflect
any
sales
charges
paid
at
inception
or
brokerage
commissions
paid
on
secondary
market
purchases.
Total
return
also
does
not
reflect
brokerage
commissions
or
sales
charges
in
connection
with
the
purchase
or
sale
of
Fund
shares
at
the
opening
of
the
first
business
day
and
sale
on
the
closing
of
the
last
business
day
of
each
period.
The
performance
table
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
2/28/25
1
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Cumulative
Total
Return
2
Average
Annual
Total
Return
2
Based
on
NAV
3
Based
on
market
price
4
Based
on
NAV
3
Based
on
market
price
4
6-Month
+4.00%
+8.52%
+4.00%
+8.52%
1-Year
+18.88%
+26.50%
+18.88%
+26.50%
5-Year
+34.77%
+49.99%
+6.15%
+8.45%
10-Year
+82.37%
+100.04%
+6.19%
+7.18%
See
page
4
for
Performance
Summary
footnotes.
Franklin
Universal
Trust
Performance
Summary
4
franklintempleton.com
Semiannual
Report
Share
Prices
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund
is
actively
managed
but
there
is
no
guarantee
that
the
manager's
investment
decisions
will
produce
the
desired
results.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Low-rated,
high-yield
bonds
are
subject
to
greater
price
volatility,
illiquidity
and
possibility
of
default.
Equity
securities
are
subject
to
price
fluctuation
and
possible
loss
of
principal.
To
the
extent
the
portfolio
invests
in
a
concentration
of
certain
securities,
regions
or
industries,
it
is
subject
to
increased
volatility.
Dividends
may
fluctuate
and
are
not
guaranteed,
and
a
company
may
reduce
or
eliminate
its
dividend
at
any
time.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determi-
native
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
annual
report
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
voluntary
fee
waivers,
expense
caps
and/or
reimbursements.
Voluntary
waivers
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Total
return
calculations
represent
the
cumulative
and
average
annual
changes
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
3.
Assumes
reinvestment
of
distributions
based
on
net
asset
value.
4.
Assumes
reinvestment
of
distributions
based
on
the
dividend
reinvestment
and
cash
purchase
plan.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Symbol:
FT
2/28/25
8/31/24
Change
Net
Asset
Value
(NAV)
$8.27
$8.20
+$0.07
Market
Price
(NYSE)
$7.64
$7.28
+$0.36
Distributions
Per
Share
(9/1/24–2/28/25)
Net
Investment
Income
$0.2550
Franklin
Universal
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
February
28,
2025
(unaudited)
Year
Ended
August
31,
2024
2023
2022
2021
2020
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$8.20
$7.36
$8.08
$8.92
$8.12
$8.57
Income
from
investment
operations:
Net
investment
income
a
.............
0.18
0.33
0.43
0.41
0.38
0.41
Net
realized
and
unrealized
gains
(losses)
0.15
1.02
(0.58)
(0.70)
0.85
(0.48)
Total
from
investment
operations
........
0.33
1.35
(0.15)
(0.29)
1.23
(0.07)
Less
distributions
from:
Net
investment
income
..............
(0.26)
(0.30)
(0.31)
(0.51)
(0.43)
(0.38)
Net
realized
gains
.................
—
—
(0.05)
(0.04)
—
(—)
b
Tax
return
of
capital
................
—
(0.21)
(0.21)
—
—
—
Total
distributions
...................
(0.26)
(0.51)
(0.57)
(0.55)
(0.43)
(0.38)
Net
asset
value,
end
of
period
..........
$8.27
$8.20
$7.36
$8.08
$8.92
$8.12
Market
value,
end
of
period
c
...........
$7.64
$7.28
$6.76
$8.00
$8.59
$7.00
Total
return
(based
on
net
asset
value
per
share)
d
...........................
4.00%
19.18%
(1.81)%
(3.41)%
15.33%
(0.67)%
Total
return
(based
on
market
value
per
share)
d
...........................
8.52%
16.20%
(8.24)%
(0.36)%
29.55%
0.25%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
3.01%
3.32%
2.78%
2.57%
2.50%
2.49%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
3.00%
3.31%
2.77%
f
2.57%
f,g
2.50%
f,g
2.49%
f,g
Net
investment
income
...............
4.39%
4.36%
5.66%
4.85%
4.38%
5.01%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$207,817
$206,193
$184,859
$203,053
$224,246
$204,094
Portfolio
turnover
rate
................
9.67%
21.79%
17.73%
22.29%
36.58%
35.26%
Total
credit
facility
outstanding
at
end
of
period
(000’s)
......................
$60,000
$60,000
$—
$—
$—
$—
Total
debt
outstanding
at
end
of
period
(000's)
...........................
$—
$—
$65,000
$65,000
$65,000
$65,000
Asset
coverage
per
$1,000
of
debt
......
$4,464
$4,437
$3,844
$4,124
$4,450
$4,140
Average
amount
of
senior
fixed
rate
Notes
per
share
during
the
period
............
$—
$0.11
$2.59
$2.59
$2.59
$2.59
a
Based
on
average
daily
shares
outstanding.
b
Amount
rounds
to
less
than
$0.01
per
share.
c
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
d
The
Market
Value
Total
Return
is
calculated
assuming
a
purchase
of
common
shares
on
the
opening
of
the
first
business
day
and
a
sale
on
the
closing
of
the
last
business
day
of
each
period.
Dividends
and
distributions
are
assumed
for
the
purposes
of
this
calculation
to
be
reinvested
at
prices
obtained
under
the
Fund's
Dividend
Reinvestment
and
Cash
Purchase
Plan.
Net
Asset
Value
Total
Return
is
calculated
on
the
same
basis,
except
that
the
Fund's
net
asset
value
is
used
on
the
purchase,
sale
and
dividend
reinvestment
dates
instead
of
market
value.
Total
return
does
not
reflect
brokerage
commissions
or
sales
charges
in
connection
with
the
purchase
or
sale
of
Fund
shares.
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
February
28,
2025
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
45.1%
Electric
Utilities
25.2%
Alliant
Energy
Corp.
.................................
United
States
80,000
$
5,162,400
American
Electric
Power
Co.,
Inc.
.......................
United
States
36,000
3,817,800
Constellation
Energy
Corp.
............................
United
States
10,000
2,505,450
Duke
Energy
Corp.
..................................
United
States
40,000
4,699,600
Edison
International
.................................
United
States
36,000
1,959,840
Entergy
Corp.
......................................
United
States
60,000
5,238,600
Evergy,
Inc.
........................................
United
States
72,000
4,961,520
Exelon
Corp.
.......................................
United
States
65,000
2,873,000
FirstEnergy
Corp.
...................................
United
States
50,000
1,938,500
NextEra
Energy,
Inc.
.................................
United
States
115,000
8,069,550
Pinnacle
West
Capital
Corp.
...........................
United
States
20,000
1,850,800
PPL
Corp.
.........................................
United
States
24,500
862,645
Southern
Co.
(The)
..................................
United
States
50,000
4,489,500
Xcel
Energy,
Inc.
....................................
United
States
55,000
3,965,500
52,394,705
Metals
&
Mining
2.3%
BHP
Group
Ltd.
,
ADR
................................
Australia
25,185
1,220,969
Freeport-McMoRan,
Inc.
..............................
United
States
40,380
1,490,426
Newmont
Corp.
.....................................
United
States
26,000
1,113,840
Rio
Tinto
plc
,
ADR
...................................
Australia
15,000
908,400
South32
Ltd.
,
ADR
..................................
Australia
10,074
111,519
4,845,154
Multi-Utilities
15.9%
CenterPoint
Energy,
Inc.
..............................
United
States
122,800
4,221,864
CMS
Energy
Corp.
..................................
United
States
60,000
4,383,000
Consolidated
Edison,
Inc.
.............................
United
States
20,000
2,030,400
Dominion
Energy,
Inc.
................................
United
States
65,000
3,680,300
DTE
Energy
Co.
....................................
United
States
30,000
4,011,000
NiSource,
Inc.
......................................
United
States
60,000
2,448,600
Public
Service
Enterprise
Group,
Inc.
....................
United
States
45,000
3,651,750
Sempra
...........................................
United
States
90,000
6,441,300
WEC
Energy
Group,
Inc.
..............................
United
States
20,000
2,133,800
33,002,014
Oil,
Gas
&
Consumable
Fuels
1.5%
a
Amplify
Energy
Corp.
................................
United
States
245
1,188
Birch
Permian
Holdings,
Inc.
...........................
United
States
32,490
210,048
California
Resources
Corp.
............................
United
States
47
2,097
DT
Midstream,
Inc.
..................................
United
States
10,000
960,900
Enbridge,
Inc.
......................................
Canada
39,360
1,681,853
Expand
Energy
Corp.
................................
United
States
1,985
196,277
Woodside
Energy
Group
Ltd.
,
ADR
......................
Australia
9,101
139,700
3,192,063
Pharmaceuticals
0.2%
a
Endo,
Inc.
.........................................
United
States
11,375
327,486
Software
0.0%
†
a,b
DSG
Topco,
Inc.
....................................
United
States
369
7,011
Total
Common
Stocks
(Cost
$
34,566,661
)
....................................
93,768,433
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
0.1%
Aerospace
&
Defense
0.1%
Boeing
Co.
(The)
,
6
%
................................
United
States
3,000
$
179,640
Total
Convertible
Preferred
Stocks
(Cost
$
150,000
)
............................
179,640
Preferred
Stocks
0.2%
Electric
Utilities
0.2%
SCE
Trust
II
,
5.1
%
..................................
United
States
27,500
506,550
Total
Preferred
Stocks
(Cost
$
598,125
)
.......................................
506,550
Warrants
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
Expand
Energy
Corp.
,
2/09/26
.........................
United
States
215
17,643
Total
Warrants
(Cost
$
18,168
)
...............................................
17,643
Principal
Amount
*
Corporate
Bonds
77.4%
Aerospace
&
Defense
1.2%
c
Bombardier,
Inc.
,
Senior
Note
,
144A,
7%,
6/01/32
...........
Canada
675,000
685,176
c
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5%,
2/15/32
...............................
Italy
1,050,000
1,043,212
c
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6%,
1/15/33
.....
United
States
825,000
817,485
2,545,873
Automobile
Components
2.3%
c
Adient
Global
Holdings
Ltd.
,
d
Senior
Note
,
144A,
8.25%,
4/15/31
....................
United
States
300,000
308,912
Senior
Note
,
144A,
7.5%,
2/15/33
.....................
United
States
150,000
150,189
d
Senior
Secured
Note
,
144A,
7%,
4/15/28
................
United
States
400,000
408,451
c
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
3.75%,
1/30/31
....................
United
States
300,000
269,878
Senior
Note
,
144A,
4.75%,
10/01/27
...................
United
States
600,000
589,239
c
,d
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625%,
10/15/29
........................................
United
States
1,400,000
1,116,704
c
,e
IHO
Verwaltungs
GmbH
,
Senior
Secured
Note
,
144A,
PIK,
7.75%,
11/15/30
.........
Germany
400,000
403,165
Senior
Secured
Note
,
144A,
PIK,
8%,
11/15/32
...........
Germany
900,000
910,296
c
,d
ZF
North
America
Capital,
Inc.
,
Senior
Note
,
144A,
6.75%,
4/23/30
.........................................
Germany
700,000
688,836
4,845,670
Automobiles
0.5%
c
,d
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5%,
7/15/29
.........................................
United
Kingdom
1,100,000
1,079,818
Biotechnology
0.6%
c
Emergent
BioSolutions,
Inc.
,
Senior
Note
,
144A,
3.875%,
8/15/28
United
States
900,000
723,504
c
Grifols
SA
,
Senior
Note
,
144A,
4.75%,
10/15/28
............
Spain
600,000
567,736
1,291,240
Broadline
Retail
0.3%
c
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.25%,
10/31/29
....
United
States
700,000
712,681
Building
Products
2.5%
c
,d
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375%,
6/15/30
.........................................
United
States
500,000
506,871
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Building
Products
(continued)
c
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125%,
1/15/29
.........................................
United
States
300,000
$
232,197
c
,d
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625%,
12/15/30
........................
United
States
900,000
911,630
c
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75%,
4/01/32
..............
United
States
500,000
509,858
c
Quikrete
Holdings,
Inc.
,
Senior
Note
,
144A,
6.75%,
3/01/33
....................
United
States
150,000
152,378
Senior
Secured
Note
,
144A,
6.375%,
3/01/32
............
United
States
300,000
304,541
c
,d
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875%,
11/15/31
..................................
United
States
1,200,000
1,289,588
c
Standard
Building
Solutions,
Inc.
,
Senior
Note
,
144A,
6.5%,
8/15/32
.........................................
United
States
600,000
608,075
c
Standard
Industries,
Inc.
,
d
Senior
Bond
,
144A,
4.75%,
1/15/28
....................
United
States
500,000
489,165
Senior
Bond
,
144A,
4.375%,
7/15/30
...................
United
States
100,000
93,498
5,097,801
Capital
Markets
0.7%
c
Jane
Street
Group
/
JSG
Finance,
Inc.
,
d
Senior
Secured
Note
,
144A,
4.5%,
11/15/29
.............
United
States
500,000
473,493
Senior
Secured
Note
,
144A,
6.125%,
11/01/32
...........
United
States
500,000
502,295
c
,d
StoneX
Group,
Inc.
,
Senior
Secured
Note
,
144A,
7.875%,
3/01/31
United
States
500,000
527,866
1,503,654
Chemicals
3.2%
b
,c
,e
,f
Anagram
Holdings
LLC
/
Anagram
International,
Inc.
,
Secured
Note
,
144A,
PIK,
10%,
8/15/26
........................
United
States
257,209
—
c
Avient
Corp.
,
Senior
Note
,
144A,
6.25%,
11/01/31
...........
United
States
300,000
301,036
c
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99%,
2/20/32
.........................................
Mexico
300,000
233,431
c
Cerdia
Finanz
GmbH
,
Senior
Secured
Note
,
144A,
9.375%,
10/03/31
........................................
Germany
500,000
525,275
c
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625%,
10/15/28
........................................
Switzerland
600,000
521,910
c
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875%,
9/01/28
...
United
States
200,000
190,301
c
,d
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125%,
4/01/26
.
United
States
1,500,000
1,399,772
c
,d
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9%,
7/01/28
.................................
United
States
1,000,000
1,012,712
c
,e
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25%,
11/01/26
United
States
231,525
200,692
c
,d
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25%,
9/01/29
United
States
1,200,000
1,274,251
c
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25%,
4/01/25
...................................
United
States
33,000
33,005
c
,d
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9%,
2/15/30
...
United
States
1,000,000
902,976
6,595,361
Commercial
Services
&
Supplies
2.6%
c
,d
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875%,
2/15/31
...................................
United
States
1,200,000
1,238,515
c
,d
Enviri
Corp.
,
Senior
Note
,
144A,
5.75%,
7/31/27
............
United
States
500,000
485,237
c
,d
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375%,
8/31/27
.............
United
States
600,000
570,698
c
,d
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5%,
8/01/29
.........................................
United
States
1,125,000
1,154,527
c
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5%,
11/30/30
........................................
United
States
225,000
244,967
c
,d
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5%,
4/15/29
.....
United
States
800,000
782,727
c
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7%,
2/01/33
........
United
States
200,000
202,999
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Commercial
Services
&
Supplies
(continued)
c
,d
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625%,
4/01/32
...
Canada
700,000
$
717,322
5,396,992
Communications
Equipment
0.7%
c
CommScope
LLC
,
Senior
Note
,
144A,
7.125%,
7/01/28
.......
United
States
1,600,000
1,519,158
Construction
&
Engineering
0.2%
c
Arcosa,
Inc.
,
d
Senior
Note
,
144A,
4.375%,
4/15/29
...................
United
States
300,000
284,131
Senior
Note
,
144A,
6.875%,
8/15/32
...................
United
States
100,000
102,444
386,575
Consumer
Finance
2.3%
c
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
9.25%,
4/01/29
.............
United
States
600,000
639,414
Senior
Secured
Note
,
144A,
8.5%,
5/15/30
..............
United
States
400,000
421,238
c
,d
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875%,
3/01/32
.........
United
States
1,100,000
1,125,522
c
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
6.4%,
3/26/29
.....................
United
Kingdom
100,000
103,649
Senior
Note
,
144A,
6.5%,
3/26/31
.....................
United
Kingdom
200,000
209,057
OneMain
Finance
Corp.
,
Senior
Bond
,
5.375%,
11/15/29
.......................
United
States
500,000
488,935
d
Senior
Note
,
9%,
1/15/29
...........................
United
States
900,000
951,015
c
,d
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6%,
11/15/29
.......
United
States
900,000
859,508
4,798,338
Consumer
Staples
Distribution
&
Retail
0.3%
c
,d
US
Foods,
Inc.
,
Senior
Note
,
144A,
6.875%,
9/15/28
.........
United
States
700,000
726,393
Containers
&
Packaging
1.9%
c
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25%,
8/15/27
.....................
United
States
600,000
306,960
c
Intelligent
Packaging
Ltd.
Finco,
Inc.
/
Intelligent
Packaging
Ltd.
Co-Issuer
LLC
,
Senior
Secured
Note
,
144A,
6%,
9/15/28
....
Canada
200,000
199,718
c
,d
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25%,
4/15/27
...................................
United
States
1,500,000
1,523,715
c
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375%,
10/15/28
...
United
States
300,000
301,775
c
,d
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4%,
10/15/27
......
United
States
1,200,000
1,203,479
c
,d
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5%,
8/15/27
Netherlands
500,000
499,614
4,035,261
Distributors
0.6%
c
Gates
Corp.
,
Senior
Note
,
144A,
6.875%,
7/01/29
...........
United
States
400,000
410,951
c
,d
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75%,
3/15/31
....................
Canada
500,000
526,799
Senior
Secured
Note
,
144A,
6.75%,
3/15/28
.............
Canada
300,000
308,048
1,245,798
Diversified
Consumer
Services
0.4%
Grand
Canyon
University
,
Secured
Note
,
5.125%,
10/01/28
....
United
States
800,000
759,360
Diversified
REITs
1.1%
c
,d
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75%,
12/15/27
.................
United
States
800,000
757,149
c
,d
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5%,
9/30/28
.............
United
States
900,000
857,241
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
REITs
(continued)
c
,d
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75%,
2/15/27
...................................
United
States
700,000
$
684,496
2,298,886
Diversified
Telecommunication
Services
2.1%
c
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
d
Senior
Bond
,
144A,
5.375%,
6/01/29
...................
United
States
500,000
486,654
d
Senior
Bond
,
144A,
4.5%,
8/15/30
.....................
United
States
1,700,000
1,556,867
Senior
Bond
,
144A,
4.25%,
2/01/31
....................
United
States
200,000
179,580
c
Iliad
Holding
SASU
,
d
Senior
Secured
Note
,
144A,
7%,
10/15/28
...............
France
800,000
814,790
Senior
Secured
Note
,
144A,
7%,
4/15/32
................
France
425,000
429,692
c
,d
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5%,
8/15/30
....................................
United
Kingdom
1,100,000
979,412
4,446,995
Electric
Utilities
1.8%
c
,d
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375%,
2/15/32
....................
United
Kingdom
1,500,000
1,488,323
c
,d
NRG
Energy,
Inc.
,
Senior
Note
,
144A,
5.75%,
7/15/29
........
United
States
800,000
793,894
c
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
5.625%,
2/15/27
...................
United
States
500,000
500,398
d
Senior
Note
,
144A,
4.375%,
5/01/29
...................
United
States
400,000
382,121
Senior
Note
,
144A,
7.75%,
10/15/31
...................
United
States
100,000
105,662
Senior
Note
,
144A,
6.875%,
4/15/32
...................
United
States
400,000
413,076
3,683,474
Electrical
Equipment
0.8%
d
Regal
Rexnord
Corp.
,
Senior
Note
,
6.3%,
2/15/30
..........................
United
States
500,000
521,167
Senior
Note
,
6.4%,
4/15/33
..........................
United
States
400,000
416,079
c
,d
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125%,
11/15/28
........................................
United
States
800,000
769,658
1,706,904
Electronic
Equipment,
Instruments
&
Components
0.4%
c
,d
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4%,
3/01/29
......
United
States
500,000
468,881
c
Zebra
Technologies
Corp.
,
Senior
Note
,
144A,
6.5%,
6/01/32
..
United
States
300,000
305,169
774,050
Energy
Equipment
&
Services
1.8%
c
Enerflex
Ltd.
,
Senior
Secured
Note
,
144A,
9%,
10/15/27
......
Canada
160,000
166,969
c
,d
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
7.25%,
2/15/29
..
United
States
700,000
723,684
c
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
9.125%,
1/31/30
...................
United
States
300,000
305,274
Senior
Note
,
144A,
8.875%,
8/15/31
...................
United
States
1,000,000
900,918
Oceaneering
International,
Inc.
,
Senior
Note
,
6%,
2/01/28
.....
United
States
300,000
297,521
c
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375%,
2/01/28
...................................
United
States
90,476
92,505
Transocean,
Inc.
,
Senior
Bond
,
6.8%,
3/15/38
..........................
United
States
100,000
78,499
c
Senior
Note
,
144A,
8.25%,
5/15/29
....................
United
States
100,000
98,699
c
Senior
Secured
Note
,
144A,
8.75%,
2/15/30
.............
United
States
640,000
668,454
c
,d
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625%,
4/30/30
.........................................
United
States
500,000
516,572
3,849,095
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Entertainment
0.4%
c
,d
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125%,
5/01/29
.........................................
France
800,000
$
834,386
Financial
Services
3.6%
c
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
9.25%,
2/01/29
....................
United
States
300,000
313,393
Senior
Note
,
144A,
8.375%,
4/01/32
...................
United
States
350,000
350,233
c
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8%,
2/15/27
......................
Ireland
200,000
206,997
Senior
Note
,
144A,
8%,
6/15/28
......................
Ireland
700,000
740,022
c
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6%,
8/15/26
......................
United
States
500,000
499,396
Senior
Note
,
144A,
9.5%,
2/15/29
.....................
United
States
1,400,000
1,497,105
c
,d
Nationstar
Mortgage
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.75%,
11/15/31
........................................
United
States
1,100,000
1,071,996
c
,d
PHH
Escrow
Issuer
LLC
/
PHH
Corp.
,
Senior
Note
,
144A,
9.875%,
11/01/29
..................................
United
States
1,500,000
1,457,306
c
PRA
Group,
Inc.
,
d
Senior
Note
,
144A,
8.375%,
2/01/28
...................
United
States
600,000
621,751
Senior
Note
,
144A,
5%,
10/01/29
.....................
United
States
300,000
280,176
Senior
Note
,
144A,
8.875%,
1/31/30
...................
United
States
400,000
421,578
7,459,953
Food
Products
1.1%
c
,e
Chobani
Holdco
II
LLC
,
Senior
Note
,
144A,
PIK,
8.75%,
10/01/29
United
States
600,000
639,054
c
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625%,
7/01/29
...................
United
States
200,000
209,014
d
Senior
Secured
Note
,
144A,
4.625%,
11/15/28
...........
United
States
800,000
781,059
c
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6%,
6/15/30
.....
United
States
200,000
200,690
c
,d
Post
Holdings,
Inc.
,
Senior
Bond
,
144A,
4.625%,
4/15/30
.....
United
States
400,000
375,512
2,205,329
Ground
Transportation
1.5%
c
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
,
Senior
Note
,
144A,
8.25%,
1/15/30
..........................
United
States
1,025,000
1,044,692
c
,d
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4%,
7/31/29
.....................
United
States
900,000
844,290
c
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125%,
8/01/32
...................................
United
States
500,000
515,327
c
,d
XPO,
Inc.
,
Senior
Note
,
144A,
7.125%,
2/01/32
.............
United
States
700,000
727,565
3,131,874
Health
Care
Equipment
&
Supplies
0.6%
c
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375%,
10/01/28
........................................
United
States
400,000
417,500
c
,d
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25%,
10/01/29
....
United
States
500,000
485,092
c
,d
Neogen
Food
Safety
Corp.
,
Senior
Note
,
144A,
8.625%,
7/20/30
United
States
400,000
425,221
1,327,813
Health
Care
Providers
&
Services
2.7%
d
Centene
Corp.
,
Senior
Bond
,
2.5%,
3/01/31
...............
United
States
500,000
422,624
c
CHS/Community
Health
Systems,
Inc.
,
Secured
Note
,
144A,
6.125%,
4/01/30
..................
United
States
500,000
326,580
Senior
Secured
Note
,
144A,
6%,
1/15/29
................
United
States
300,000
271,442
Senior
Secured
Note
,
144A,
10.875%,
1/15/32
...........
United
States
500,000
512,110
c
DaVita,
Inc.
,
d
Senior
Note
,
144A,
4.625%,
6/01/30
...................
United
States
1,200,000
1,113,780
Senior
Note
,
144A,
6.875%,
9/01/32
...................
United
States
200,000
203,312
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
c
,d
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5%,
9/01/29
......
Italy
1,000,000
$
952,440
c
MPH
Acquisition
Holdings
LLC
,
Senior
Secured
Note
,
144A,
5.75%,
12/31/30
............
United
States
90,027
66,445
e
Senior
Secured
Note
,
144A,
PIK,
11.5%,
12/31/30
.........
United
States
137,786
124,583
e
Senior
Secured
Note
,
144A,
PIK,
6.75%,
3/31/31
.........
United
States
772,185
471,813
d
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
6.125%,
6/15/30
.................
United
States
700,000
702,294
Senior
Secured
Note
,
6.75%,
5/15/31
..................
United
States
500,000
510,498
5,677,921
Health
Care
REITs
0.4%
c
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Secured
Note
,
144A,
8.5%,
2/15/32
....................
United
States
750,000
770,169
Hotel
&
Resort
REITs
1.1%
c
Pebblebrook
Hotel
LP
/
PEB
Finance
Corp.
,
Senior
Note
,
144A,
6.375%,
10/15/29
..................................
United
States
700,000
703,017
c
,d
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
7.25%,
7/15/28
....................
United
States
300,000
311,125
Senior
Note
,
144A,
6.5%,
4/01/32
.....................
United
States
1,100,000
1,115,001
c
XHR
LP
,
Senior
Note
,
144A,
6.625%,
5/15/30
..............
United
States
200,000
203,022
2,332,165
Hotels,
Restaurants
&
Leisure
5.1%
c
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4%,
10/15/30
.....................................
Canada
400,000
365,075
b
,c
,f
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8%,
6/01/22
United
States
1,800,000
—
c
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875%,
4/30/29
..............................
Czech
Republic
800,000
837,500
c
,d
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
7%,
2/15/30
................
United
States
300,000
309,216
Senior
Secured
Note
,
144A,
6.5%,
2/15/32
..............
United
States
800,000
811,944
c
,d
Carnival
Corp.
,
Senior
Note
,
144A,
7.625%,
3/01/26
...................
United
States
200,000
200,464
Senior
Note
,
144A,
5.75%,
3/01/27
....................
United
States
1,500,000
1,504,772
c
,d
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75%,
1/15/30
.................
United
States
1,300,000
1,209,766
c
Great
Canadian
Gaming
Corp.
,
Senior
Secured
Note
,
144A,
8.75%,
11/15/29
...................................
Canada
900,000
948,694
c
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875%,
3/15/26
...................
United
States
46,000
46,043
Senior
Note
,
144A,
6.75%,
2/01/32
....................
United
States
500,000
511,420
c
Royal
Caribbean
Cruises
Ltd.
,
d
Senior
Note
,
144A,
5.5%,
8/31/26
.....................
United
States
500,000
504,099
Senior
Note
,
144A,
6.25%,
3/15/32
....................
United
States
300,000
306,245
Senior
Note
,
144A,
6%,
2/01/33
......................
United
States
500,000
505,945
c
Six
Flags
Entertainment
Corp.
/
Six
Flags
Theme
Parks,
Inc.
/
Canada's
Wonderland
Co.
,
Senior
Secured
Note
,
144A,
6.625%,
5/01/32
...................................
United
States
400,000
410,044
c
,d
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5%,
2/15/28
......
United
States
400,000
386,710
c
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
5.875%,
9/15/27
...................
United
States
300,000
299,837
d
Senior
Note
,
144A,
7%,
2/15/29
......................
United
States
600,000
606,827
c
,d
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125%,
2/15/31
.........................
United
States
800,000
842,544
10,607,145
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Household
Durables
2.1%
c
,d
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625%,
8/01/29
.........................
United
States
1,200,000
$
1,123,989
c
,d
Dream
Finders
Homes,
Inc.
,
Senior
Note
,
144A,
8.25%,
8/15/28
United
States
500,000
525,935
c
,d
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75%,
12/15/28
........
United
States
800,000
845,842
M/I
Homes,
Inc.
,
Senior
Note
,
3.95%,
2/15/30
..............
United
States
600,000
553,004
c
,d
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875%,
9/15/28
..............................
United
States
1,300,000
1,246,223
4,294,993
Household
Products
0.2%
c
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375%,
3/31/29
..
United
States
400,000
374,930
Independent
Power
and
Renewable
Electricity
Producers
1.2%
c
,d
Calpine
Corp.
,
Senior
Note
,
144A,
4.625%,
2/01/29
..........
United
States
700,000
671,365
c
Clearway
Energy
Operating
LLC
,
d
Senior
Bond
,
144A,
3.75%,
1/15/32
....................
United
States
400,000
347,898
Senior
Note
,
144A,
4.75%,
3/15/28
....................
United
States
400,000
388,850
Senior
Note
,
144A,
3.75%,
2/15/31
....................
United
States
300,000
267,266
c
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25%,
7/01/29
...................................
United
States
1,000,000
910,551
2,585,930
Insurance
1.7%
c
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note
,
144A,
8.5%,
6/15/29
.....................
United
States
400,000
420,864
Senior
Secured
Note
,
144A,
7.5%,
11/06/30
.............
United
States
400,000
413,196
c
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75%,
10/15/27
...................
United
States
800,000
798,407
Senior
Secured
Note
,
144A,
7%,
1/15/31
................
United
States
500,000
510,070
Jones
Deslauriers
Insurance
Management,
Inc.
,
c
Senior
Note
,
144A,
10.5%,
12/15/30
...................
Canada
1,200,000
1,299,641
3,442,178
Interactive
Media
&
Services
0.2%
c
Snap,
Inc.
,
Senior
Note
,
144A,
6.875%,
3/01/33
............
United
States
350,000
354,600
IT
Services
1.3%
c
,d
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875%,
9/15/27
.........................................
United
States
500,000
475,971
c
,d
Cogent
Communications
Group,
Inc.
/
Cogent
Communications
Finance,
Inc.
,
Senior
Note
,
144A,
7%,
6/15/27
............
United
States
700,000
705,554
c
,d
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5%,
6/01/31
.........................................
United
States
600,000
621,753
c
Gartner,
Inc.
,
d
Senior
Note
,
144A,
4.5%,
7/01/28
.....................
United
States
500,000
489,396
Senior
Note
,
144A,
3.625%,
6/15/29
...................
United
States
200,000
188,330
d
Senior
Note
,
144A,
3.75%,
10/01/30
...................
United
States
300,000
278,670
2,759,674
Life
Sciences
Tools
&
Services
0.3%
c
,d
Fortrea
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.5%,
7/01/30
United
States
700,000
703,711
Machinery
1.9%
c
,d
ATS
Corp.
,
Senior
Note
,
144A,
4.125%,
12/15/28
...........
Canada
1,300,000
1,220,647
c
,d
Calderys
Financing
LLC
,
Senior
Secured
Note
,
144A,
11.25%,
6/01/28
.........................................
France
800,000
854,181
c
,d
ESAB
Corp.
,
Senior
Note
,
144A,
6.25%,
4/15/29
............
United
States
600,000
610,357
d
Hillenbrand,
Inc.
,
Senior
Note
,
6.25%,
2/15/29
..............
United
States
600,000
608,651
c
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9.25%,
10/01/31
United
States
350,000
367,938
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Machinery
(continued)
c
Terex
Corp.
,
Senior
Note
,
144A,
6.25%,
10/15/32
...........
United
States
300,000
$
298,329
3,960,103
Media
2.9%
c
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75%,
4/15/28
....................
United
States
300,000
278,869
d
Senior
Note
,
144A,
7.5%,
6/01/29
.....................
United
States
500,000
443,730
d
Senior
Secured
Note
,
144A,
5.125%,
8/15/27
............
United
States
400,000
391,434
d
Senior
Secured
Note
,
144A,
9%,
9/15/28
................
United
States
500,000
527,053
c
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
3.375%,
2/15/31
...................
United
States
300,000
213,555
d
Senior
Note
,
144A,
11.25%,
5/15/28
...................
United
States
700,000
681,931
Senior
Note
,
144A,
11.75%,
1/31/29
...................
United
States
200,000
195,406
c
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875%,
8/15/27
..................
United
States
200,000
196,988
c
,d
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note
,
144A,
7.375%,
9/01/31
...................................
United
States
800,000
818,889
c
News
Corp.
,
Senior
Note
,
144A,
3.875%,
5/15/29
...........
United
States
200,000
189,288
c
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond
,
144A,
4.625%,
3/15/30
...................
United
States
100,000
93,613
Senior
Note
,
144A,
5%,
8/15/27
......................
United
States
100,000
98,071
c
,d
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A,
5.875%,
7/15/27
.....
United
States
600,000
486,474
c
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125%,
2/15/33
...................................
United
States
800,000
792,979
c
,d
Sirius
XM
Radio
LLC
,
Senior
Note
,
144A,
4%,
7/15/28
........
United
States
600,000
564,036
5,972,316
Metals
&
Mining
2.2%
d
ATI,
Inc.
,
Senior
Note
,
7.25%,
8/15/30
....................
United
States
700,000
728,426
c
Cleveland-Cliffs,
Inc.
,
d
Senior
Note
,
144A,
7%,
3/15/32
......................
United
States
600,000
603,297
Senior
Note
,
144A,
7.375%,
5/01/33
...................
United
States
600,000
602,836
d
Commercial
Metals
Co.
,
Senior
Bond
,
3.875%,
2/15/31
.......
United
States
700,000
635,281
c
Constellium
SE
,
d
Senior
Note
,
144A,
3.75%,
4/15/29
....................
United
States
600,000
553,025
Senior
Note
,
144A,
6.375%,
8/15/32
...................
United
States
400,000
401,218
c
,d
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375%,
4/01/31
...................................
Australia
500,000
459,068
c
Novelis
Corp.
,
Senior
Bond
,
144A,
3.875%,
8/15/31
...................
United
States
100,000
88,043
Senior
Note
,
144A,
3.25%,
11/15/26
...................
United
States
100,000
97,083
c
Novelis,
Inc.
,
Senior
Note
,
144A,
6.875%,
1/30/30
...........
United
States
300,000
306,883
4,475,160
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.7%
c
,d
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625%,
6/15/29
.........................
United
States
1,500,000
1,397,830
Oil,
Gas
&
Consumable
Fuels
9.4%
c
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625%,
2/01/29
...................
United
States
166,000
170,672
d
Senior
Note
,
144A,
5.375%,
3/01/30
...................
United
States
700,000
691,038
c
,d
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
8.125%,
1/15/27
...................
United
States
900,000
881,270
Senior
Secured
Note
,
144A,
9.25%,
7/15/29
.............
United
States
800,000
826,000
c
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375%,
1/15/29
.........................................
United
States
500,000
516,162
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
c
,d
Civitas
Resources,
Inc.
,
Senior
Note
,
144A,
8.375%,
7/01/28
...................
United
States
500,000
$
520,975
Senior
Note
,
144A,
8.75%,
7/01/31
....................
United
States
100,000
104,506
c
,d
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25%,
10/01/29
........................................
Australia
800,000
810,250
c
,d
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5%,
5/01/29
......................................
United
States
300,000
304,934
c
DT
Midstream,
Inc.
,
Senior
Note
,
144A,
4.125%,
6/15/29
......
United
States
300,000
284,644
c
,d
EnLink
Midstream
LLC
,
Senior
Note
,
144A,
6.5%,
9/01/30
.....
United
States
800,000
850,538
c
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5%,
6/01/27
United
States
75,000
76,921
c
,d
EQT
Corp.
,
Senior
Note
,
144A,
3.125%,
5/15/26
............
United
States
300,000
294,381
c
Expand
Energy
Corp.
,
Senior
Note
,
144A,
6.75%,
4/15/29
.....
United
States
500,000
507,050
c
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5%,
10/15/26
......
United
Kingdom
500,000
499,997
c
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5%,
6/01/29
United
States
500,000
510,978
c
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6%,
2/01/31
......................
United
States
200,000
190,749
d
Senior
Note
,
144A,
6%,
4/15/30
......................
United
States
300,000
289,394
d
Senior
Note
,
144A,
8.375%,
11/01/33
..................
United
States
700,000
731,991
c
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875%,
6/15/30
......
United
States
400,000
399,475
c
Kraken
Oil
&
Gas
Partners
LLC
,
Senior
Note
,
144A,
7.625%,
8/15/29
.........................................
United
States
600,000
588,721
c
,d
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5%,
2/15/28
...................
United
States
1,700,000
1,849,512
c
Matador
Resources
Co.
,
d
Senior
Note
,
144A,
6.5%,
4/15/32
.....................
United
States
700,000
700,455
Senior
Note
,
144A,
6.25%,
4/15/33
....................
United
States
800,000
788,043
b
,c
,e
,f
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12%,
4/15/24
.
United
States
757,734
—
c
,d
Northriver
Midstream
Finance
LP
,
Senior
Secured
Note
,
144A,
6.75%,
7/15/32
...................................
Canada
600,000
612,850
c
,d
Sunoco
LP
,
Senior
Note
,
144A,
7.25%,
5/01/32
.............
United
States
500,000
522,083
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note
,
6%,
4/15/27
...........................
United
States
500,000
501,698
Senior
Note
,
4.5%,
5/15/29
..........................
United
States
200,000
191,533
c
,d
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125%,
8/15/31
............
United
States
300,000
273,577
Senior
Secured
Note
,
144A,
3.875%,
8/15/29
............
United
States
300,000
279,906
Senior
Secured
Note
,
144A,
6.25%,
1/15/30
.............
United
States
400,000
409,539
c
,d
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.125%,
6/01/28
............
United
States
600,000
625,384
Senior
Secured
Note
,
144A,
9.5%,
2/01/29
..............
United
States
500,000
552,464
Senior
Secured
Note
,
144A,
8.375%,
6/01/31
............
United
States
500,000
521,368
c
,d
Viper
Energy,
Inc.
,
Senior
Note
,
144A,
7.375%,
11/01/31
......
United
States
700,000
734,871
Vital
Energy,
Inc.
,
Senior
Note
,
9.75%,
10/15/30
........................
United
States
400,000
420,060
c
Senior
Note
,
144A,
7.875%,
4/15/32
...................
United
States
500,000
482,372
19,516,361
Paper
&
Forest
Products
0.2%
c
Magnera
Corp.
,
Senior
Note
,
144A,
4.75%,
11/15/29
.........
United
States
400,000
364,212
Passenger
Airlines
0.8%
c
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5%,
4/20/26
....................
United
States
291,667
291,545
c
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75%,
10/20/28
..............................
United
States
700,000
695,642
c
OneSky
Flight
LLC
,
Senior
Note
,
144A,
8.875%,
12/15/29
.....
United
States
250,000
259,754
c
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375%,
4/15/26
............
United
States
100,000
98,801
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Passenger
Airlines
(continued)
c
United
Airlines,
Inc.,
(continued)
d
Senior
Secured
Note
,
144A,
4.625%,
4/15/29
............
United
States
300,000
$
289,437
1,635,179
Personal
Care
Products
0.3%
c
,d
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
6.625%,
7/15/30
.........................................
United
States
600,000
612,866
Pharmaceuticals
0.9%
c
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9%,
1/30/28
....
Canada
305,000
307,178
c
Endo
Finance
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
8.5%,
4/15/31
.........................................
United
States
200,000
214,604
d
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
4.75%,
5/09/27
.........................
Israel
600,000
592,386
Senior
Note
,
7.875%,
9/15/29
........................
Israel
300,000
325,809
Senior
Note
,
8.125%,
9/15/31
........................
Israel
300,000
336,680
1,776,657
Real
Estate
Management
&
Development
0.4%
c
,d
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
10.5%,
1/15/28
..........................
United
States
335,834
344,076
c
,d
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85%,
5/15/26
......
United
States
500,000
493,221
837,297
Software
1.1%
c
,d
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5%,
11/01/26
United
States
300,000
295,230
c
Gen
Digital,
Inc.
,
Senior
Note
,
144A,
6.25%,
4/01/33
.........
United
States
250,000
250,932
c
,d
McAfee
Corp.
,
Senior
Note
,
144A,
7.375%,
2/15/30
..........
United
States
800,000
780,217
c
,d
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5%,
2/15/29
......
United
States
1,100,000
1,059,712
2,386,091
Specialized
REITs
0.5%
c
,d
Iron
Mountain,
Inc.
,
Senior
Bond
,
144A,
5.625%,
7/15/32
...................
United
States
300,000
291,436
Senior
Note
,
144A,
7%,
2/15/29
......................
United
States
700,000
721,495
1,012,931
Specialty
Retail
0.6%
c
,d
Evergreen
Acqco
1
LP
/
TVI,
Inc.
,
Senior
Secured
Note
,
144A,
9.75%,
4/26/28
...................................
United
States
584,000
613,426
c
,d
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625%,
10/01/29
........
United
States
700,000
640,327
1,253,753
Textiles,
Apparel
&
Luxury
Goods
0.4%
c
,d
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9%,
2/15/31
..........
United
States
700,000
746,129
Trading
Companies
&
Distributors
1.9%
c
,d
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9%,
5/15/28
.....................
United
States
800,000
843,016
Secured
Note
,
144A,
8.625%,
5/15/32
..................
United
States
600,000
635,926
c
,d
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875%,
12/15/28
........................................
United
States
600,000
600,442
c
,d
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625%,
6/15/29
......
United
States
900,000
913,450
c
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375%,
3/15/29
...................
United
States
400,000
407,423
g
Senior
Note
,
144A,
6.375%,
3/15/33
...................
United
States
450,000
454,753
3,855,010
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
1.4%
c
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5%,
5/15/27
.........................................
Luxembourg
1,500,000
$
469,951
c
,d
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9%,
9/15/29
............................
United
Kingdom
1,300,000
1,193,026
b
Digicel
Group
Holdings
Ltd.
,
Zero
Cpn.,
11/17/33
............
Bermuda
26,671
844
c
,d
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625%,
7/15/29
.........................................
United
Kingdom
1,100,000
1,170,774
2,834,595
Total
Corporate
Bonds
(Cost
$
165,934,205
)
...................................
160,798,638
h
Senior
Floating
Rate
Interests
0.0%
†
IT
Services
0.0%
†
Diamond
Sports
Net
LLC,
First
Lien,
Exit
Term
Loan
,
12
%
,
1/03/28
.........................................
United
States
36,698
33,204
Total
Senior
Floating
Rate
Interests
(Cost
$
36,729
)
............................
33,204
i
Marketplace
Loans
1.6%
b
Financial
Services
1.6%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$
3,760,651
)
...................................
3,250,228
Asset-Backed
Securities
0.0%
†
Financial
Services
0.0%
†
c
,j
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-26
,
PT
,
144A,
FRN
,
7.276%,
8/15/44
...............
United
States
1,539
1,091
2019-31
,
PT
,
144A,
FRN
,
19.208%,
9/15/44
..............
United
States
751
548
2019-37
,
PT
,
144A,
FRN
,
14.443%,
10/17/44
.............
United
States
1,803
1,780
2019-42
,
PT
,
144A,
FRN
,
18.836%,
11/15/44
.............
United
States
1,033
1,004
2019-51
,
PT
,
144A,
FRN
,
3.654%,
1/15/45
...............
United
States
2,971
2,840
2019-52
,
PT
,
144A,
FRN
,
0.984%,
1/15/45
...............
United
States
2,884
1,993
2019-S6
,
PT
,
144A,
FRN
,
11.814%,
10/17/44
.............
United
States
1,253
746
2019-S8
,
PT
,
144A,
FRN
,
10.075%,
1/15/45
..............
United
States
854
674
2020-2
,
PT
,
144A,
FRN
,
5.984%,
3/15/45
................
United
States
2,641
2,469
2020-7
,
PT
,
144A,
FRN
,
8.013%,
4/17/45
................
United
States
1,746
1,611
c
,j
Prosper
Pass-Thru
Trust
III
,
2020-PT1
,
A
,
144A,
FRN
,
8.796%,
3/15/26
...............
United
States
2,047
1,400
2020-PT2
,
A
,
144A,
FRN
,
9.444%,
4/15/26
...............
United
States
1,888
1,170
2020-PT3
,
A
,
144A,
FRN
,
7.183%,
5/15/26
...............
United
States
408
355
17,681
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
19,467
)
.................................
17,681
Municipal
Bonds
0.2%
Arizona
0.2%
c
Maricopa
County
Industrial
Development
Authority
,
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
........................................
United
States
430,000
442,982
Total
Municipal
Bonds
(Cost
$
432,567
)
.......................................
442,982
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
Endo
GUC
Trust,
Escrow
Account
.......................
United
States
51,454
—
a,b
Endo,
Inc.,
Escrow
Account
............................
United
States
725,000
—
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
(continued)
a
Expand
Energy
Corp.,
Escrow
Account
...................
United
States
1,500,000
$
6,750
Total
Escrows
and
Litigation
Trusts
(Cost
$
19,546
)
............................
6,750
Total
Long
Term
Investments
(Cost
$
205,536,119
)
.............................
259,021,749
a
Short
Term
Investments
2.8%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.8%
k,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.06
%
...
United
States
5,775,624
5,775,624
Total
Money
Market
Funds
(Cost
$
5,775,624
)
.................................
5,775,624
Total
Short
Term
Investments
(Cost
$
5,775,624
)
...............................
5,775,624
a
Total
Investments
(Cost
$
211,311,743
)
127.4
%
................................
$264,797,373
m
Credit
Facility
(
28.9
)
%
......................................................
(60,000,000)
Other
Assets,
less
Liabilities
1.5
%
...........................................
3,020,105
Net
Assets
100.0%
.........................................................
$207,817,478
a
a
a
See
Abbreviations
on
page
39
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
regarding
fair
value
measurements.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2025,
the
aggregate
value
of
these
securities
was
$151,216,937,
representing
72.8%
of
net
assets.
d
A
portion
or
all
of
the
security
is
pledged
as
collateral
in
connection
with
the
Fund’s
credit
facility.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
6.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
h
See
Note
1(d)
regarding
senior
floating
rate
interests.
i
See
Note
1(e)
regarding
Marketplace
Lending.
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
j
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
k
See
Note
3(c)
regarding
investments
in
affiliated
management
investment
companies.
l
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
m
See
Note
7
regarding
credit
facility.
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited),
February
28,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
At
February
28,
2025,
the
Fund
had
the
following
marketplace
loans
outstanding.
See
Note
1(e).
Description
Principal
Amount
Value
Marketplace
Loans
-
1.6%
Freedom
Financial
Asset
Management
LLC
APP-14953979.FP.FTS.B
,
7
.74
%
,
7/13/25
.
$
3,864
$
3,878
APP-15034726.FP.FTS.B
,
25
.49
%
,
7/25/25
1,560
1,596
a
APP-10111431.FP.FTS.B
,
10
.99
%
,
9/15/25
3,208
3,232
a
APP-10140977.FP.FTS.B
,
24
.99
%
,
9/15/25
2,269
2,356
APP-11022514.FP.FTS.B
,
18
.49
%
,
10/26/25
5,099
601
a
APP-10578403.FP.FTS.B
,
15
.99
%
,
10/30/25
4,419
4,540
a
APP-10561192.FP.FTS.B
,
8
.99
%
,
11/03/25
3,403
3,431
a
APP-10841976.FP.FTS.B
,
10
.99
%
,
11/28/25
350
351
APP-11105408.FP.FTS.B
,
10
.99
%
,
12/14/25
2,713
2,741
APP-11843242.FP.FTS.B
,
12
.24
%
,
12/15/25
4,790
4,840
APP-11022500.FP.FTS.B
,
17
.99
%
,
12/16/25
3,106
3,195
APP-10868780.FP.FTS.B
,
14
.49
%
,
1/02/26
8,482
8,706
APP-12378685.FP.FTS.B
,
15
.99
%
,
2/01/26
4,318
4,375
APP-11757188.FP.FTS.B
,
18
.24
%
,
2/02/26
947
944
APP-11757063.FP.FTS.B
,
17
.99
%
,
2/05/26
6,115
6,319
APP-12281543.FP.FTS.B
,
16
.74
%
,
3/08/26
11,370
11,692
APP-12397373.FP.FTS.B
,
15
.99
%
,
3/15/26
4,444
4,519
APP-11799488.FP.FTS.B
,
16
.99
%
,
3/16/26
6,624
6,816
APP-12419810.FP.FTS.B
,
15
.74
%
,
3/20/26
13,124
13,531
APP-12421465.FP.FTS.B
,
17
.99
%
,
3/23/26
2,672
2,716
APP-13524997.FP.FTS.B
,
10
.59
%
,
3/25/26
5,324
5,394
APP-13511680.FP.FTS.B
,
12
.84
%
,
5/05/26
5,201
5,268
APP-13477482.FP.FTS.B
,
10
.34
%
,
5/18/26
13,627
13,817
APP-13527002.FP.FTS.B
,
15
.59
%
,
5/19/26
3,680
3,741
APP-14943761.FP.FTS.B
,
15
.99
%
,
6/01/26
8,245
8,362
APP-12270812.FP.FTS.B
,
16
.99
%
,
6/22/26
4,734
4,888
APP-15053141.FP.FTS.B
,
18
.99
%
,
7/15/26
8,430
8,751
APP-15064308.FP.FTS.B
,
22
.49
%
,
7/15/26
9,524
10,004
APP-15054013.FP.FTS.B
,
17
.99
%
,
7/20/26
6,917
7,133
APP-15109634.FP.FTS.B
,
19
.49
%
,
7/21/26
4,292
4,429
APP-15073340.FP.FTS.B
,
15
.99
%
,
7/25/26
4,140
4,214
APP-14860724.FP.FTS.B
,
20
.99
%
,
7/26/26
8,394
8,834
APP-14956830.FP.FTS.B
,
15
.74
%
,
7/28/26
12,393
12,873
a
APP-10133595.FP.FTS.B
,
11
.99
%
,
8/11/26
7,294
7,392
a
APP-10145662.FP.FTS.B
,
18
.99
%
,
9/17/26
9,004
9,323
APP-13256383.FP.FTS.B
,
7
.99
%
,
9/18/26
.
16,101
16,343
a
APP-10460831.FP.FTS.B
,
21
.99
%
,
9/19/26
3,303
3,439
a
APP-10572421.FP.FTS.B
,
10
.49
%
,
9/20/26
13,030
13,223
a
APP-10112510.FP.FTS.B
,
16
.49
%
,
9/25/26
5,060
5,174
a
APP-10838239.FP.FTS.B
,
12
.49
%
,
10/12/26
13,061
13,253
a
APP-10845328.FP.FTS.B
,
11
.99
%
,
10/16/26
10,021
10,169
a
APP-10704368.FP.FTS.B
,
14
.99
%
,
10/16/26
8,011
8,171
a
APP-10745909.FP.FTS.B
,
17
.99
%
,
10/16/26
21,741
22,175
a
APP-10829192.FP.FTS.B
,
18
.99
%
,
10/16/26
12,138
2,476
a
APP-10581131.FP.FTS.B
,
22
.49
%
,
10/22/26
4,442
4,651
APP-11119432.FP.FTS.B
,
11
.99
%
,
11/03/26
9,216
9,344
APP-11187454.FP.FTS.B
,
22
.49
%
,
11/10/26
1,707
1,720
APP-15107872.FP.FTS.B
,
20
.49
%
,
11/15/26
3,570
3,647
a
APP-10848002.FP.FTS.B
,
17
.99
%
,
11/19/26
10,780
11,140
a
APP-10842381.FP.FTS.B
,
12
.49
%
,
11/21/26
14,395
14,620
a
APP-10671079.FP.FTS.B
,
11
.99
%
,
11/30/26
10,984
11,167
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
a
APP-10384953.FP.FTS.B
,
19
.99
%
,
12/02/26
$
7,859
$
8,138
APP-11094577.FP.FTS.B
,
19
.49
%
,
12/08/26
5,738
5,995
APP-11008022.FP.FTS.B
,
11
.99
%
,
12/13/26
6,118
6,214
APP-11021456.FP.FTS.B
,
20
.99
%
,
12/15/26
17,648
18,532
APP-11007668.FP.FTS.B
,
19
.99
%
,
12/19/26
8,654
9,037
APP-11111264.FP.FTS.B
,
16
.49
%
,
12/20/26
5,487
5,617
APP-11874582.FP.FTS.B
,
17
.49
%
,
12/23/26
10,525
10,895
APP-11677084.FP.FTS.B
,
15
.49
%
,
12/26/26
20,355
20,722
APP-11799609.FP.FTS.B
,
10
.99
%
,
1/01/27
14,420
14,615
APP-11036570.FP.FTS.B
,
22
.99
%
,
1/20/27
3,072
3,124
APP-11844341.FP.FTS.B
,
16
.74
%
,
2/01/27
16,701
17,167
a
APP-10224478.FP.FTS.B
,
20
.49
%
,
2/02/27
14,668
15,311
APP-11824892.FP.FTS.B
,
16
.99
%
,
2/03/27
8,244
8,395
APP-11724933.FP.FTS.B
,
14
.24
%
,
2/05/27
7,150
3,903
APP-12397051.FP.FTS.B
,
17
.49
%
,
2/06/27
6,053
6,242
APP-11743079.FP.FTS.B
,
16
.24
%
,
2/07/27
20,478
11,965
APP-11757936.FP.FTS.B
,
19
.99
%
,
2/07/27
4,856
5,033
APP-11763967.FP.FTS.B
,
19
.99
%
,
2/07/27
7,750
8,060
APP-11838245.FP.FTS.B
,
19
.99
%
,
2/11/27
4,348
4,475
APP-11752200.FP.FTS.B
,
21
.49
%
,
2/23/27
5,021
5,145
a
APP-10128827.FP.FTS.B
,
25
.49
%
,
2/24/27
4,397
4,561
APP-11674918.FP.FTS.B
,
20
.49
%
,
2/25/27
13,231
13,849
a
APP-10848317.FP.FTS.B
,
12
.24
%
,
2/28/27
10,053
10,230
APP-12106158.FP.FTS.B
,
11
.24
%
,
3/07/27
8,158
8,283
APP-11696610.FP.FTS.B
,
14
.24
%
,
3/07/27
15,112
1,707
APP-11845152.FP.FTS.B
,
11
.74
%
,
3/15/27
22,201
6,675
APP-11801830.FP.FTS.B
,
16
.49
%
,
3/15/27
10,378
10,614
APP-12407302.FP.FTS.B
,
18
.99
%
,
3/15/27
5,855
6,058
APP-11863466.FP.FTS.B
,
25
.49
%
,
3/17/27
6,192
1,350
APP-12385340.FP.FTS.B
,
25
.49
%
,
3/17/27
4,991
5,244
APP-12341500.FP.FTS.B
,
20
.49
%
,
3/20/27
8,900
9,345
APP-12396943.FP.FTS.B
,
13
.49
%
,
3/21/27
8,716
8,902
APP-12270734.FP.FTS.B
,
16
.99
%
,
3/21/27
9,563
9,805
APP-13531026.FP.FTS.B
,
11
.59
%
,
3/28/27
12,547
12,799
APP-13513406.FP.FTS.B
,
14
.34
%
,
4/01/27
25,993
26,409
APP-11744634.FP.FTS.B
,
19
.99
%
,
4/01/27
10,352
10,694
APP-12304720.FP.FTS.B
,
18
.74
%
,
4/06/27
27,863
16,188
APP-11872928.FP.FTS.B
,
11
.24
%
,
4/15/27
8,133
8,279
APP-13478834.FP.FTS.B
,
16
.99
%
,
5/03/27
11,007
11,381
APP-13508795.FP.FTS.B
,
9
.59
%
,
5/05/27
.
8,626
8,759
APP-13047632.FP.FTS.B
,
11
.49
%
,
5/05/27
5,545
5,625
a
APP-08710316.FP.FTS.B
,
10
.99
%
,
5/13/27
17,284
17,586
APP-13498730.FP.FTS.B
,
11
.34
%
,
5/15/27
10,202
10,386
APP-13329158.FP.FTS.B
,
17
.99
%
,
5/15/27
1,809
1,813
APP-13453359.FP.FTS.B
,
18
.24
%
,
5/15/27
17,446
13,196
APP-13227905.FP.FTS.B
,
21
.99
%
,
5/18/27
5,829
6,091
APP-13507352.FP.FTS.B
,
20
.49
%
,
5/19/27
5,300
5,503
APP-13531806.FP.FTS.B
,
16
.99
%
,
5/20/27
11,735
3,580
APP-13485605.FP.FTS.B
,
18
.99
%
,
5/20/27
7,645
7,961
APP-14906773.FP.FTS.B
,
9
.74
%
,
7/15/27
.
21,117
21,476
APP-15064429.FP.FTS.B
,
14
.49
%
,
7/15/27
15,051
15,339
APP-15070181.FP.FTS.B
,
19
.99
%
,
7/15/27
10,343
10,717
APP-14865954.FP.FTS.B
,
11
.74
%
,
7/16/27
14,753
15,010
APP-15149750.FP.FTS.B
,
11
.99
%
,
7/16/27
555
556
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15057995.FP.FTS.B
,
18
.99
%
,
7/23/27
$
5,842
$
5,988
APP-15058449.FP.FTS.B
,
11
.99
%
,
7/25/27
6,614
6,744
APP-15078317.FP.FTS.B
,
13
.99
%
,
7/25/27
11,678
11,934
APP-13302186.FP.FTS.B
,
20
.49
%
,
7/25/27
9,026
9,427
APP-15055723.FP.FTS.B
,
11
.24
%
,
7/26/27
17,338
17,681
APP-15053719.FP.FTS.B
,
16
.99
%
,
7/28/27
6,642
6,821
APP-15053776.FP.FTS.B
,
17
.49
%
,
7/30/27
7,140
7,436
APP-15048744.FP.FTS.B
,
16
.49
%
,
7/31/27
13,700
14,229
APP-15039962.FP.FTS.B
,
12
.49
%
,
8/28/27
29,851
30,475
APP-14958373.FP.FTS.B
,
12
.24
%
,
9/16/27
11,005
11,228
APP-15070551.FP.FTS.B
,
24
.74
%
,
4/27/28
12,496
13,042
APP-12394118.FP.FTS.B
,
17
.74
%
,
3/10/35
1,266
1,283
1,006,358
LendingClub
Corp.
160809803.LC.FTS.B
,
13
.08
%
,
11/08/34
..
4,785
4,730
165352318.LC.FTS.B
,
15
.24
%
,
1/22/35
...
2,269
2,269
164089980.LC.FTS.B
,
17
.74
%
,
2/28/35
...
3,055
–
167132427.LC.FTS.B
,
20
.55
%
,
2/28/35
...
816
821
161483895.LC.FTS.B
,
13
.08
%
,
3/07/35
...
59
59
167747801.LC.FTS.B
,
16
.12
%
,
3/15/35
...
4,870
–
168140265.LC.FTS.B
,
15
.24
%
,
3/21/35
...
732
734
8,613
LendingClub
Corp.
-
LCX
PM
188498393.LC.FTS.B
,
18
.99
%
,
4/25/25
...
3,783
3,783
188790970.LC.FTS.B
,
19
.99
%
,
4/27/25
...
1,812
1,819
188578940.LC.FTS.B
,
23
.99
%
,
4/27/25
...
113
114
188852266.LC.FTS.B
,
23
.99
%
,
4/27/25
...
1,529
143
188781202.LC.FTS.B
,
15
.99
%
,
4/28/25
...
1,487
1,477
188683873.LC.FTS.B
,
23
.99
%
,
5/01/25
...
1,450
1,458
188854471.LC.FTS.B
,
24
.79
%
,
8/27/25
...
649
660
171733583.LC.FTS.B
,
18
.24
%
,
10/30/25
..
6,674
634
185030629.LC.FTS.B
,
28
.99
%
,
1/13/27
...
3,319
3,399
185203099.LC.FTS.B
,
21
.99
%
,
1/19/27
...
5,750
5,816
185257156.LC.FTS.B
,
23
.99
%
,
1/19/27
...
7,103
7,258
185208719.LC.FTS.B
,
27
.99
%
,
1/19/27
...
5,034
5,152
185284755.LC.FTS.B
,
20
.24
%
,
1/21/27
...
11,822
11,913
184608676.LC.FTS.B
,
21
.99
%
,
1/21/27
...
8,471
1,063
185280664.LC.FTS.B
,
21
.99
%
,
1/21/27
...
9,237
9,336
185094462.LC.FTS.B
,
22
.99
%
,
1/21/27
...
6,244
6,388
186073191.LC.FTS.B
,
23
.99
%
,
1/26/27
...
5,183
5,290
185465019.LC.FTS.B
,
21
.99
%
,
1/27/27
...
12,875
13,149
184862697.LC.FTS.B
,
13
.19
%
,
1/28/27
...
7,521
7,399
185102499.LC.FTS.B
,
17
.49
%
,
1/28/27
...
7,637
7,561
185625736.LC.FTS.B
,
17
.24
%
,
1/31/27
...
6,771
6,737
185553869.LC.FTS.B
,
17
.44
%
,
1/31/27
...
8,554
8,519
185801067.LC.FTS.B
,
15
.19
%
,
2/04/27
...
7,377
7,272
185785605.LC.FTS.B
,
16
.99
%
,
2/04/27
...
12,178
12,064
185670781.LC.FTS.B
,
14
.74
%
,
2/08/27
...
19,563
19,301
186105140.LC.FTS.B
,
14
.99
%
,
2/10/27
...
6,745
–
186053383.LC.FTS.B
,
18
.49
%
,
2/10/27
...
15,410
1,455
186037923.LC.FTS.B
,
23
.49
%
,
2/12/27
...
3,795
3,849
185962334.LC.FTS.B
,
16
.49
%
,
2/14/27
...
17,486
17,354
186072313.LC.FTS.B
,
19
.99
%
,
2/14/27
...
9,953
939
186114907.LC.FTS.B
,
24
.99
%
,
2/14/27
...
4,372
–
185788975.LC.FTS.B
,
20
.44
%
,
2/15/27
...
21,063
21,041
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
186037630.LC.FTS.B
,
23
.99
%
,
2/15/27
...
$
8,300
$
8,434
185737435.LC.FTS.B
,
19
.74
%
,
2/16/27
...
10,695
–
186255693.LC.FTS.B
,
28
.99
%
,
2/16/27
...
4,723
3,853
185994246.LC.FTS.B
,
23
.99
%
,
2/17/27
...
3,741
–
185584314.LC.FTS.B
,
23
.99
%
,
2/28/27
...
7,020
7,120
188681928.LC.FTS.B
,
22
.99
%
,
4/25/27
...
6,164
–
188818650.LC.FTS.B
,
20
.99
%
,
4/26/27
...
3,591
3,622
188684882.LC.FTS.B
,
23
.99
%
,
4/26/27
...
3,598
3,600
188850161.LC.FTS.B
,
18
.99
%
,
4/27/27
...
4,394
4,381
188844587.LC.FTS.B
,
20
.99
%
,
4/27/27
...
5,612
5,660
188821742.LC.FTS.B
,
23
.99
%
,
4/27/27
...
11,565
11,839
188832786.LC.FTS.B
,
27
.99
%
,
4/27/27
...
3,009
3,101
188770586.LC.FTS.B
,
21
.49
%
,
4/28/27
...
10,459
10,442
188825826.LC.FTS.B
,
23
.49
%
,
4/28/27
...
5,927
6,039
188877761.LC.FTS.B
,
25
.99
%
,
4/28/27
...
4,274
4,381
188729615.LC.FTS.B
,
28
.99
%
,
4/28/27
...
15,607
16,017
188842402.LC.FTS.B
,
21
.49
%
,
4/30/27
...
3,880
169
188806927.LC.FTS.B
,
23
.99
%
,
4/30/27
...
9,022
9,175
188652977.LC.FTS.B
,
23
.99
%
,
5/24/27
...
2,106
2,122
185215933.LC.FTS.B
,
28
.99
%
,
6/25/27
...
12,741
605
185051135.LC.FTS.B
,
23
.99
%
,
8/28/27
...
15,564
15,480
185440062.LC.FTS.B
,
17
.49
%
,
9/25/27
...
14,289
14,023
186004411.LC.FTS.B
,
5
%
,
10/28/27
.....
9,435
7,738
188698368.LC.FTS.B
,
20
.99
%
,
4/27/28
...
15,823
15,410
184905245.LC.FTS.B
,
15
.99
%
,
1/19/35
...
6,567
–
185591984.LC.FTS.B
,
18
.99
%
,
1/31/35
...
1,645
1,634
185664927.LC.FTS.B
,
5
%
,
2/04/35
......
2,610
–
184778654.LC.FTS.B
,
16
.19
%
,
2/04/35
...
395
393
185806351.LC.FTS.B
,
18
.99
%
,
2/07/35
...
4,028
–
186109882.LC.FTS.B
,
5
%
,
2/14/35
......
6,415
1,291
185074501.LC.FTS.B
,
12
.74
%
,
2/28/35
...
17
17
186248821.LC.FTS.B
,
12
.94
%
,
2/28/35
...
562
560
184916811.LC.FTS.B
,
15
.99
%
,
2/28/35
...
1,406
46
349,495
Prosper
Funding
LLC
1749541.PS.FTS.B
,
22
.03
%
,
4/05/25
....
258
257
1750351.PS.FTS.B
,
15
.2
%
,
4/06/25
.....
213
214
1743776.PS.FTS.B
,
20
.4
%
,
4/06/25
.....
16,418
–
1745381.PS.FTS.B
,
12
.9
%
,
4/08/25
.....
1,333
1,327
1750903.PS.FTS.B
,
24
.4
%
,
4/15/25
.....
875
878
1752241.PS.FTS.B
,
14
.7
%
,
5/10/25
.....
15,217
9,512
1758243.PS.FTS.B
,
24
.4
%
,
7/16/25
.....
1,678
545
1701129.PS.FTS.B
,
16
.4
%
,
7/17/25
.....
1,725
1,721
1701120.PS.FTS.B
,
15
.9
%
,
12/12/25
....
3,449
3,411
1606127.PS.FTS.B
,
15
.2
%
,
8/17/26
.....
3,489
3,487
1607933.PS.FTS.B
,
18
.5
%
,
8/19/26
.....
803
819
1608617.PS.FTS.B
,
13
.7
%
,
8/20/26
.....
2,248
2,237
1609277.PS.FTS.B
,
15
.7
%
,
8/23/26
.....
5,422
5,429
1621434.PS.FTS.B
,
14
.6
%
,
8/26/26
.....
1,123
1,120
1621428.PS.FTS.B
,
20
%
,
8/26/26
.......
4,292
4,388
1611746.PS.FTS.B
,
14
.29
%
,
8/27/26
....
3,569
3,607
1625740.PS.FTS.B
,
18
.48
%
,
9/16/26
....
4,937
195
1610327.PS.FTS.B
,
27
.6
%
,
9/17/26
.....
3,820
3,998
1635897.PS.FTS.B
,
12
%
,
9/23/26
.......
8,434
8,391
1627036.PS.FTS.B
,
16
.33
%
,
9/25/26
....
5,535
5,529
1637445.PS.FTS.B
,
13
.3
%
,
9/27/26
.....
4,109
4,145
1634247.PS.FTS.B
,
16
.7
%
,
10/05/26
....
10,232
10,213
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1626046.PS.FTS.B
,
15
.18
%
,
10/16/26
...
$
4,158
$
4,126
1635735.PS.FTS.B
,
14
.68
%
,
10/22/26
...
6,338
6,296
1626758.PS.FTS.B
,
17
.96
%
,
10/24/26
...
9,832
9,831
1644875.PS.FTS.B
,
11
.6
%
,
10/26/26
....
3,131
3,113
1648324.PS.FTS.B
,
12
.2
%
,
10/26/26
....
8,419
8,370
1645337.PS.FTS.B
,
18
.48
%
,
10/27/26
...
9,206
9,539
1646123.PS.FTS.B
,
13
.32
%
,
10/28/26
...
3,207
3,173
1661010.PS.FTS.B
,
12
.5
%
,
11/05/26
....
10,985
10,856
1651868.PS.FTS.B
,
9
.45
%
,
11/08/26
....
5,261
5,204
1658185.PS.FTS.B
,
10
.5
%
,
11/08/26
....
3,697
3,657
1653323.PS.FTS.B
,
16
%
,
11/09/26
......
5,316
5,275
1666362.PS.FTS.B
,
19
%
,
11/09/26
......
3,224
3,268
1666911.PS.FTS.B
,
10
.62
%
,
11/10/26
....
5,350
5,294
1660066.PS.FTS.B
,
12
.6
%
,
11/10/26
....
14,809
14,651
1666890.PS.FTS.B
,
17
%
,
11/10/26
......
7,239
7,347
1661433.PS.FTS.B
,
28
.23
%
,
11/14/26
....
3,137
811
1666359.PS.FTS.B
,
21
%
,
11/15/26
......
2,899
3,003
1651871.PS.FTS.B
,
20
.66
%
,
11/20/26
....
2,633
2,668
1651913.PS.FTS.B
,
25
.67
%
,
11/22/26
....
3,643
3,765
1672316.PS.FTS.B
,
10
.44
%
,
12/14/26
...
5,569
5,508
1685634.PS.FTS.B
,
12
.5
%
,
12/14/26
....
3,525
3,485
1672730.PS.FTS.B
,
13
.8
%
,
12/14/26
....
15,727
15,614
1678372.PS.FTS.B
,
22
.8
%
,
12/14/26
....
5,519
5,729
1672147.PS.FTS.B
,
16
.56
%
,
12/15/26
...
11,261
1,494
1687344.PS.FTS.B
,
19
%
,
12/17/26
......
2,370
2,416
1685997.PS.FTS.B
,
12
.87
%
,
12/18/26
...
3,998
3,954
1678354.PS.FTS.B
,
11
.07
%
,
12/20/26
....
6,504
6,432
1687950.PS.FTS.B
,
11
.5
%
,
12/20/26
....
6,379
6,326
1675010.PS.FTS.B
,
12
.5
%
,
12/20/26
....
4,882
4,366
1678387.PS.FTS.B
,
18
.33
%
,
12/23/26
...
6,627
1,636
1685637.PS.FTS.B
,
11
.7
%
,
12/28/26
....
13,759
13,585
1672718.PS.FTS.B
,
14
.38
%
,
1/07/27
....
3,841
3,791
1686078.PS.FTS.B
,
10
.5
%
,
1/08/27
.....
5,403
5,337
1700808.PS.FTS.B
,
11
.4
%
,
1/12/27
.....
4,515
4,456
1701108.PS.FTS.B
,
15
.7
%
,
1/12/27
.....
16,704
16,543
1694491.PS.FTS.B
,
12
.62
%
,
1/13/27
....
6,882
6,792
1694725.PS.FTS.B
,
18
.4
%
,
1/13/27
.....
7,400
7,510
1701537.PS.FTS.B
,
19
.3
%
,
1/13/27
.....
7,367
7,486
1695958.PS.FTS.B
,
10
.5
%
,
1/14/27
.....
6,711
6,627
1689173.PS.FTS.B
,
11
.2
%
,
1/14/27
.....
10,539
–
1695787.PS.FTS.B
,
11
.7
%
,
1/14/27
.....
11,333
11,189
1694719.PS.FTS.B
,
16
.93
%
,
1/17/27
....
8,728
8,645
1702455.PS.FTS.B
,
15
.18
%
,
1/20/27
....
7,664
7,564
1689251.PS.FTS.B
,
19
%
,
1/21/27
.......
2,002
2,033
1707746.PS.FTS.B
,
9
.45
%
,
2/14/27
.....
3,128
3,091
1720917.PS.FTS.B
,
13
.7
%
,
2/15/27
.....
6,032
5,991
1714648.PS.FTS.B
,
16
.7
%
,
2/15/27
.....
3,754
3,726
1721346.PS.FTS.B
,
16
.7
%
,
2/15/27
.....
10,010
10,195
1720911.PS.FTS.B
,
18
.59
%
,
2/15/27
....
12,793
13,025
1714642.PS.FTS.B
,
18
.7
%
,
2/15/27
.....
5,124
5,216
1707734.PS.FTS.B
,
10
.29
%
,
2/16/27
....
2,741
2,718
1709201.PS.FTS.B
,
18
.48
%
,
2/16/27
....
6,388
6,507
1714627.PS.FTS.B
,
11
.4
%
,
2/17/27
.....
9,856
9,724
1703169.PS.FTS.B
,
25
.6
%
,
2/25/27
.....
9,707
10,088
1752624.PS.FTS.B
,
17
.23
%
,
4/05/27
....
10,797
10,624
1753011.PS.FTS.B
,
12
%
,
4/06/27
.......
7,616
7,477
1754293.PS.FTS.B
,
13
.4
%
,
4/12/27
.....
6,197
6,116
1747163.PS.FTS.B
,
16
.2
%
,
4/12/27
.....
13,340
13,160
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1744328.PS.FTS.B
,
14
.89
%
,
4/15/27
....
$
10,586
$
10,429
1752654.PS.FTS.B
,
12
.76
%
,
4/30/27
....
8,077
7,916
1750735.PS.FTS.B
,
16
%
,
5/15/27
.......
3,319
3,333
1607291.PS.FTS.B
,
28
.59
%
,
7/18/27
....
4,463
189
1650328.PS.FTS.B
,
11
.2
%
,
7/29/27
.....
5,658
5,510
1705005.PS.FTS.B
,
15
%
,
12/19/27
......
15,566
8,035
1688336.PS.FTS.B
,
19
.2
%
,
1/12/35
.....
6,555
1,718
1697303.PS.FTS.B
,
13
.9
%
,
1/31/35
.....
155
134
1715122.PS.FTS.B
,
19
.8
%
,
2/15/35
.....
25
23
485,133
Upgrade,
Inc.
-
Card
992428468.UG.FTS.B
,
25
.95
%
,
4/03/25
..
12
12
992291050.UG.FTS.B
,
29
.49
%
,
4/03/25
..
1
1
992354024.UG.FTS.B
,
29
.49
%
,
4/03/25
..
2
2
992357933.UG.FTS.B
,
29
.49
%
,
4/03/25
..
26
26
992453316.UG.FTS.B
,
28
.98
%
,
4/04/25
..
17
17
992266370.UG.FTS.B
,
29
.49
%
,
4/04/25
..
51
51
992342016.UG.FTS.B
,
29
.49
%
,
4/04/25
..
73
–
992264407.UG.FTS.B
,
14
.97
%
,
4/05/25
..
71
71
992417616.UG.FTS.B
,
17
.99
%
,
4/05/25
..
10
10
992286525.UG.FTS.B
,
18
.8
%
,
4/05/25
...
4
4
992424538.UG.FTS.B
,
19
.21
%
,
4/05/25
..
36
36
992346135.UG.FTS.B
,
19
.99
%
,
4/05/25
..
40
41
992433537.UG.FTS.B
,
19
.99
%
,
4/05/25
..
23
23
992296469.UG.FTS.B
,
21
.98
%
,
4/05/25
..
5
5
992271316.UG.FTS.B
,
28
.98
%
,
4/05/25
..
12
12
992290941.UG.FTS.B
,
28
.98
%
,
4/05/25
..
13
13
992305223.UG.FTS.B
,
28
.98
%
,
4/05/25
..
16
16
992314088.UG.FTS.B
,
28
.98
%
,
4/05/25
..
1
1
992350450.UG.FTS.B
,
28
.98
%
,
4/05/25
..
85
86
992426381.UG.FTS.B
,
28
.98
%
,
4/05/25
..
12
12
992239162.UG.FTS.B
,
29
.49
%
,
4/05/25
..
15
15
992240128.UG.FTS.B
,
29
.49
%
,
4/05/25
..
57
57
992243368.UG.FTS.B
,
29
.49
%
,
4/05/25
..
22
22
992255844.UG.FTS.B
,
29
.49
%
,
4/05/25
..
7
7
992268980.UG.FTS.B
,
29
.49
%
,
4/05/25
..
6
6
992271586.UG.FTS.B
,
29
.49
%
,
4/05/25
..
14
14
992275962.UG.FTS.B
,
29
.49
%
,
4/05/25
..
20
20
992276049.UG.FTS.B
,
29
.49
%
,
4/05/25
..
39
6
992291806.UG.FTS.B
,
29
.49
%
,
4/05/25
..
50
51
992301441.UG.FTS.B
,
29
.49
%
,
4/05/25
..
23
23
992326966.UG.FTS.B
,
29
.49
%
,
4/05/25
..
5
5
992341758.UG.FTS.B
,
29
.49
%
,
4/05/25
..
28
28
992344325.UG.FTS.B
,
29
.49
%
,
4/05/25
..
1
1
992359643.UG.FTS.B
,
29
.49
%
,
4/05/25
..
29
29
992359656.UG.FTS.B
,
29
.49
%
,
4/05/25
..
223
–
992368911.UG.FTS.B
,
29
.49
%
,
4/05/25
..
34
35
992369632.UG.FTS.B
,
29
.49
%
,
4/05/25
..
22
22
992371951.UG.FTS.B
,
29
.49
%
,
4/05/25
..
1
1
992391427.UG.FTS.B
,
29
.49
%
,
4/05/25
..
11
11
992401130.UG.FTS.B
,
29
.49
%
,
4/05/25
..
28
14
992419811.UG.FTS.B
,
29
.49
%
,
4/05/25
..
7
7
992425789.UG.FTS.B
,
29
.49
%
,
4/05/25
..
32
32
992444707.UG.FTS.B
,
29
.49
%
,
4/05/25
..
12
12
992452371.UG.FTS.B
,
29
.49
%
,
4/05/25
..
19
9
992455102.UG.FTS.B
,
29
.49
%
,
4/05/25
..
58
59
992460328.UG.FTS.B
,
29
.49
%
,
8/01/25
..
39
40
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992301470.UG.FTS.B
,
28
.98
%
,
12/02/25
.
$
110
$
114
992238906.UG.FTS.B
,
22
.97
%
,
11/03/27
.
2,660
1,745
992431381.UG.FTS.B
,
19
.99
%
,
3/03/30
..
2
2
2,826
Upstart
Network,
Inc.
FW2031299.UP.FTS.B
,
21
.82
%
,
4/12/25
..
832
456
L2971722.UP.FTS.B
,
8
.62
%
,
4/19/25
....
1,198
1,184
L2972108.UP.FTS.B
,
15
.03
%
,
4/19/25
....
229
226
FW2971973.UP.FTS.B
,
20
.05
%
,
9/19/25
..
1,154
435
FW1729657.UP.FTS.B
,
9
.44
%
,
9/17/26
...
2,582
2,518
L1729743.UP.FTS.B
,
11
.64
%
,
9/17/26
....
19,052
18,658
L1730112.UP.FTS.B
,
15
.91
%
,
9/17/26
....
1,216
1,202
FW1730043.UP.FTS.B
,
21
.14
%
,
9/17/26
..
2,117
1,449
L1730077.UP.FTS.B
,
21
.62
%
,
9/17/26
....
733
684
L1730290.UP.FTS.B
,
23
.01
%
,
9/17/26
....
3,388
3,328
L1730120.UP.FTS.B
,
23
.06
%
,
9/17/26
....
5,374
1,469
L1729627.UP.FTS.B
,
24
.42
%
,
9/17/26
....
4,534
4,458
FW1730388.UP.FTS.B
,
28
.64
%
,
9/17/26
..
7,342
7,230
FW1729641.UP.FTS.B
,
30
.22
%
,
9/17/26
..
2,331
2,297
FW1728143.UP.FTS.B
,
30
.44
%
,
9/17/26
..
2,534
2,497
FW1730150.UP.FTS.B
,
30
.64
%
,
9/17/26
..
408
402
FW1729390.UP.FTS.B
,
32
.18
%
,
9/17/26
..
1,171
1,154
FW1728926.UP.FTS.B
,
32
.35
%
,
9/17/26
..
1,289
1,269
FW1902353.UP.FTS.B
,
5
.71
%
,
10/22/26
..
5,118
4,948
L1901059.UP.FTS.B
,
11
.8
%
,
10/22/26
....
1,584
1,552
FW1902782.UP.FTS.B
,
14
.11
%
,
10/22/26
.
7,648
7,499
FW1901571.UP.FTS.B
,
16
.95
%
,
10/22/26
.
5,381
5,325
FW1901195.UP.FTS.B
,
18
.66
%
,
10/22/26
.
1,013
996
L1901212.UP.FTS.B
,
19
.55
%
,
10/22/26
...
2,696
2,651
L1902855.UP.FTS.B
,
19
.55
%
,
10/22/26
...
1,336
1,314
L1901936.UP.FTS.B
,
21
.29
%
,
10/22/26
...
6,194
453
L1901067.UP.FTS.B
,
23
.17
%
,
10/22/26
...
6,993
6,885
L1901771.UP.FTS.B
,
24
.44
%
,
10/22/26
...
2,292
166
L1902683.UP.FTS.B
,
25
.19
%
,
10/22/26
...
5,732
5,647
L1901951.UP.FTS.B
,
25
.24
%
,
10/22/26
...
1,147
1,130
FW1902836.UP.FTS.B
,
25
.41
%
,
10/22/26
.
22,767
22,431
L1902657.UP.FTS.B
,
25
.42
%
,
10/22/26
...
906
893
FW1902401.UP.FTS.B
,
25
.71
%
,
10/22/26
.
2,260
2,227
FW1902199.UP.FTS.B
,
26
.04
%
,
10/22/26
.
2,028
1,999
FW1902391.UP.FTS.B
,
31
.19
%
,
10/22/26
.
2,211
157
FW1901303.UP.FTS.B
,
31
.21
%
,
10/22/26
.
1,945
1,921
FW1900628.UP.FTS.B
,
31
.23
%
,
10/22/26
.
563
556
FW1902681.UP.FTS.B
,
31
.63
%
,
10/22/26
.
4,115
4,064
FW1902299.UP.FTS.B
,
31
.27
%
,
10/27/26
.
4,169
4,115
L1902840.UP.FTS.B
,
22
.56
%
,
11/01/26
...
6,336
6,234
L1901748.UP.FTS.B
,
12
.93
%
,
11/05/26
...
3,835
3,753
L2032896.UP.FTS.B
,
9
.9
%
,
11/12/26
.....
2,848
2,774
L2032147.UP.FTS.B
,
11
.65
%
,
11/12/26
...
3,339
3,263
L2032600.UP.FTS.B
,
12
.19
%
,
11/12/26
...
3,059
2,991
L2032561.UP.FTS.B
,
12
.57
%
,
11/12/26
...
6,344
6,200
FW2032979.UP.FTS.B
,
12
.77
%
,
11/12/26
.
3,289
3,216
L2032884.UP.FTS.B
,
12
.78
%
,
11/12/26
...
3,391
3,315
FW2032727.UP.FTS.B
,
12
.91
%
,
11/12/26
.
1,486
1,453
L2032885.UP.FTS.B
,
12
.92
%
,
11/12/26
...
1,976
1,933
FW2032278.UP.FTS.B
,
13
.85
%
,
11/12/26
.
2,147
2,100
L2032226.UP.FTS.B
,
14
.31
%
,
11/12/26
...
10,440
10,210
L2031580.UP.FTS.B
,
14
.88
%
,
11/12/26
...
495
486
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2032373.UP.FTS.B
,
14
.92
%
,
11/12/26
...
$
4,597
$
2,937
FW2032722.UP.FTS.B
,
14
.98
%
,
11/12/26
.
2,702
2,648
FW2031845.UP.FTS.B
,
15
.93
%
,
11/12/26
.
6,866
6,774
FW2032502.UP.FTS.B
,
16
.77
%
,
11/12/26
.
3,586
3,508
L2033008.UP.FTS.B
,
17
.14
%
,
11/12/26
...
2,877
2,838
L2031479.UP.FTS.B
,
17
.32
%
,
11/12/26
...
7,003
6,910
L2030768.UP.FTS.B
,
17
.71
%
,
11/12/26
...
2,263
2,234
L2032284.UP.FTS.B
,
17
.94
%
,
11/12/26
...
2,279
2,233
L2032006.UP.FTS.B
,
17
.99
%
,
11/12/26
...
2,577
2,527
L2032849.UP.FTS.B
,
19
.14
%
,
11/12/26
...
5,531
5,462
L2030806.UP.FTS.B
,
19
.55
%
,
11/12/26
...
1,854
1,818
FW2032947.UP.FTS.B
,
19
.59
%
,
11/12/26
.
11,664
11,416
L2032060.UP.FTS.B
,
20
.25
%
,
11/12/26
...
2,805
2,750
L2032456.UP.FTS.B
,
20
.93
%
,
11/12/26
...
704
690
L2032183.UP.FTS.B
,
24
.12
%
,
11/12/26
...
4,898
4,802
FW2031174.UP.FTS.B
,
25
.25
%
,
11/12/26
.
4,705
4,616
L2032677.UP.FTS.B
,
26
.71
%
,
11/12/26
...
3,701
3,632
FW2032753.UP.FTS.B
,
27
.55
%
,
11/12/26
.
708
695
FW2032946.UP.FTS.B
,
27
.87
%
,
11/12/26
.
12,804
12,572
FW2032799.UP.FTS.B
,
29
.91
%
,
11/12/26
.
1,254
1,232
FW2031644.UP.FTS.B
,
30
.67
%
,
11/12/26
.
949
933
FW2031873.UP.FTS.B
,
31
.05
%
,
11/12/26
.
652
47
FW2032325.UP.FTS.B
,
31
.07
%
,
11/12/26
.
635
624
FW2032994.UP.FTS.B
,
31
.15
%
,
11/12/26
.
2,310
163
FW2031715.UP.FTS.B
,
31
.33
%
,
11/12/26
.
2,546
2,502
L2031623.UP.FTS.B
,
9
.89
%
,
11/16/26
....
13,998
13,639
FW2101958.UP.FTS.B
,
6
.23
%
,
11/23/26
..
15,049
14,540
L2102006.UP.FTS.B
,
8
.84
%
,
11/23/26
....
20,051
19,546
L2102059.UP.FTS.B
,
12
.22
%
,
11/23/26
...
8,896
8,710
L2101522.UP.FTS.B
,
12
.34
%
,
11/23/26
...
14,115
13,820
L2103822.UP.FTS.B
,
12
.78
%
,
11/23/26
...
2,120
2,075
L2102939.UP.FTS.B
,
13
.35
%
,
11/23/26
...
1,495
1,464
L2076017.UP.FTS.B
,
13
.49
%
,
11/23/26
...
1,499
1,470
L2095249.UP.FTS.B
,
14
.31
%
,
11/23/26
...
8,337
597
L2068146.UP.FTS.B
,
16
.06
%
,
11/23/26
...
2,576
2,548
L2102751.UP.FTS.B
,
16
.5
%
,
11/23/26
....
1,782
1,764
FW2101751.UP.FTS.B
,
16
.63
%
,
11/23/26
.
9,956
1,512
L2050778.UP.FTS.B
,
18
.01
%
,
11/23/26
...
4,090
4,050
L2102051.UP.FTS.B
,
19
.71
%
,
11/23/26
...
2,608
2,565
FW2102941.UP.FTS.B
,
20
.37
%
,
11/23/26
.
9,360
9,212
L2102313.UP.FTS.B
,
20
.5
%
,
11/23/26
....
690
679
L2102400.UP.FTS.B
,
22
.64
%
,
11/23/26
...
2,827
2,785
L2101750.UP.FTS.B
,
24
.17
%
,
11/23/26
...
3,639
3,585
FW2102727.UP.FTS.B
,
24
.84
%
,
11/23/26
.
1,976
1,948
L2103842.UP.FTS.B
,
25
.11
%
,
11/23/26
...
1,982
1,953
L2101935.UP.FTS.B
,
25
.31
%
,
11/23/26
...
693
–
L2101880.UP.FTS.B
,
25
.39
%
,
11/23/26
...
1,561
1,538
L2103491.UP.FTS.B
,
25
.4
%
,
11/23/26
....
269
265
L2102028.UP.FTS.B
,
25
.89
%
,
11/23/26
...
2,999
2,958
FW2101678.UP.FTS.B
,
26
.5
%
,
11/23/26
..
1,795
1,771
FW2103284.UP.FTS.B
,
27
.1
%
,
11/23/26
..
1,944
1,918
FW2103786.UP.FTS.B
,
31
.2
%
,
11/23/26
..
740
731
FW2103069.UP.FTS.B
,
31
.22
%
,
11/23/26
.
1,165
1,152
FW2031117.UP.FTS.B
,
18
.34
%
,
11/27/26
.
4,602
4,512
L2250662.UP.FTS.B
,
8
.88
%
,
12/14/26
....
4,609
4,488
L2249279.UP.FTS.B
,
9
.09
%
,
12/14/26
....
2,192
1,366
L2251398.UP.FTS.B
,
9
.28
%
,
12/14/26
....
3,371
3,283
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2251249.UP.FTS.B
,
10
.34
%
,
12/14/26
.
$
8,126
$
7,931
L2248805.UP.FTS.B
,
10
.51
%
,
12/14/26
...
4,808
696
L2249903.UP.FTS.B
,
11
.03
%
,
12/14/26
...
1,295
1,264
L2250070.UP.FTS.B
,
12
.15
%
,
12/14/26
...
2,849
2,784
L2247235.UP.FTS.B
,
13
.18
%
,
12/14/26
...
1,778
1,736
L2250820.UP.FTS.B
,
13
.59
%
,
12/14/26
...
1,430
1,397
L2251440.UP.FTS.B
,
16
.23
%
,
12/14/26
...
665
163
L2249248.UP.FTS.B
,
16
.43
%
,
12/14/26
...
5,487
5,414
L2249629.UP.FTS.B
,
17
.8
%
,
12/14/26
....
2,951
2,887
FW2249113.UP.FTS.B
,
18
.58
%
,
12/14/26
.
13,771
1,051
L2249412.UP.FTS.B
,
19
.96
%
,
12/14/26
...
976
964
L2248975.UP.FTS.B
,
19
.98
%
,
12/14/26
...
4,125
4,071
L2250558.UP.FTS.B
,
20
.67
%
,
12/14/26
...
4,108
2,720
L2251409.UP.FTS.B
,
20
.71
%
,
12/14/26
...
5,872
5,754
L2251393.UP.FTS.B
,
20
.81
%
,
12/14/26
...
2,378
2,329
L2249780.UP.FTS.B
,
21
.14
%
,
12/14/26
...
3,933
3,852
L2250707.UP.FTS.B
,
21
.52
%
,
12/14/26
...
2,979
2,941
L2249149.UP.FTS.B
,
21
.87
%
,
12/14/26
...
4,959
4,861
FW2248314.UP.FTS.B
,
21
.92
%
,
12/14/26
.
1,737
1,702
L2249898.UP.FTS.B
,
22
.33
%
,
12/14/26
...
10,874
10,742
L2251333.UP.FTS.B
,
22
.77
%
,
12/14/26
...
7,842
7,687
L2249183.UP.FTS.B
,
22
.87
%
,
12/14/26
...
2,063
150
FW2251497.UP.FTS.B
,
23
.11
%
,
12/14/26
.
2,329
2,285
L2250010.UP.FTS.B
,
23
.56
%
,
12/14/26
...
2,529
2,480
FW2248932.UP.FTS.B
,
23
.62
%
,
12/14/26
.
1,004
753
L2249765.UP.FTS.B
,
23
.67
%
,
12/14/26
...
2,026
1,986
L2250334.UP.FTS.B
,
24
.44
%
,
12/14/26
...
4,444
4,358
L2250314.UP.FTS.B
,
24
.91
%
,
12/14/26
...
1,834
1,227
L2249782.UP.FTS.B
,
24
.98
%
,
12/14/26
...
2,158
2,117
L2248144.UP.FTS.B
,
25
.08
%
,
12/14/26
...
2,446
2,400
L2248450.UP.FTS.B
,
25
.14
%
,
12/14/26
...
3,666
175
L2249856.UP.FTS.B
,
25
.32
%
,
12/14/26
...
619
607
L2249823.UP.FTS.B
,
25
.41
%
,
12/14/26
...
2,079
2,054
L2251395.UP.FTS.B
,
25
.45
%
,
12/14/26
...
1,177
783
L2250992.UP.FTS.B
,
25
.92
%
,
12/14/26
...
5,211
5,113
FW2248550.UP.FTS.B
,
26
.2
%
,
12/14/26
..
2,377
1,591
L2249257.UP.FTS.B
,
26
.38
%
,
12/14/26
...
4,732
4,645
FW2249342.UP.FTS.B
,
27
.92
%
,
12/14/26
.
2,310
2,267
FW2251120.UP.FTS.B
,
28
.37
%
,
12/14/26
.
6,937
6,812
FW2249976.UP.FTS.B
,
28
.77
%
,
12/14/26
.
832
817
FW2249951.UP.FTS.B
,
30
.44
%
,
12/14/26
.
1,073
1,055
FW2249983.UP.FTS.B
,
30
.63
%
,
12/14/26
.
1,047
1,029
FW2250251.UP.FTS.B
,
30
.69
%
,
12/14/26
.
3,775
77
FW2249049.UP.FTS.B
,
30
.95
%
,
12/14/26
.
3,503
3,443
FW2249041.UP.FTS.B
,
31
.12
%
,
12/14/26
.
606
595
FW2250974.UP.FTS.B
,
31
.12
%
,
12/14/26
.
1,829
1,798
FW2249653.UP.FTS.B
,
31
.19
%
,
12/14/26
.
2,089
2,054
FW2251410.UP.FTS.B
,
31
.25
%
,
12/14/26
.
2,759
705
L2141755.UP.FTS.B
,
8
.51
%
,
12/15/26
....
20,050
19,535
L2252339.UP.FTS.B
,
8
.65
%
,
12/15/26
....
10,437
10,163
L2252737.UP.FTS.B
,
8
.71
%
,
12/15/26
....
8,777
8,550
L2252298.UP.FTS.B
,
8
.83
%
,
12/15/26
....
813
797
L2252476.UP.FTS.B
,
9
.18
%
,
12/15/26
....
4,208
4,100
FW2253701.UP.FTS.B
,
10
.99
%
,
12/15/26
.
5,579
5,450
L2253738.UP.FTS.B
,
11
.28
%
,
12/15/26
...
12,997
12,693
L2247794.UP.FTS.B
,
12
.65
%
,
12/15/26
...
1,986
1,940
L2253650.UP.FTS.B
,
13
.61
%
,
12/15/26
...
2,905
2,839
L2253384.UP.FTS.B
,
13
.79
%
,
12/15/26
...
5,800
1,322
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2252931.UP.FTS.B
,
15
.49
%
,
12/15/26
...
$
1,519
$
1,499
L2252976.UP.FTS.B
,
16
.75
%
,
12/15/26
...
2,929
2,892
L2252199.UP.FTS.B
,
17
.21
%
,
12/15/26
...
4,901
667
L2253164.UP.FTS.B
,
17
.76
%
,
12/15/26
...
2,236
2,194
FW2251546.UP.FTS.B
,
19
.76
%
,
12/15/26
.
7,259
7,118
L2252318.UP.FTS.B
,
20
.43
%
,
12/15/26
...
1,462
1,434
L2251727.UP.FTS.B
,
20
.77
%
,
12/15/26
...
1,228
1,204
L2253118.UP.FTS.B
,
21
.32
%
,
12/15/26
...
9,852
9,659
L2251670.UP.FTS.B
,
22
.36
%
,
12/15/26
...
2,585
1,717
L2252135.UP.FTS.B
,
22
.59
%
,
12/15/26
...
1,501
1,472
L2250541.UP.FTS.B
,
24
.85
%
,
12/15/26
...
1,584
1,054
L2252209.UP.FTS.B
,
25
.21
%
,
12/15/26
...
633
622
L2252447.UP.FTS.B
,
25
.4
%
,
12/15/26
....
620
609
FW2253392.UP.FTS.B
,
25
.5
%
,
12/15/26
..
3,872
2,556
FW2248936.UP.FTS.B
,
26
.48
%
,
12/15/26
.
3,019
2,965
FW2252023.UP.FTS.B
,
28
.67
%
,
12/15/26
.
2,461
2,420
FW2253234.UP.FTS.B
,
28
.94
%
,
12/15/26
.
5,740
5,644
FW2252233.UP.FTS.B
,
30
.05
%
,
12/15/26
.
1,358
1,336
FW2252687.UP.FTS.B
,
30
.62
%
,
12/15/26
.
8,191
8,060
FW2253542.UP.FTS.B
,
31
.19
%
,
12/15/26
.
1,078
721
L2251912.UP.FTS.B
,
13
.91
%
,
12/19/26
...
1,573
1,538
L2252296.UP.FTS.B
,
8
.02
%
,
12/26/26
....
6,214
6,050
L2251043.UP.FTS.B
,
12
.11
%
,
12/28/26
...
14,649
14,293
L2499407.UP.FTS.B
,
5
.37
%
,
1/24/27
....
20,763
20,016
L2499766.UP.FTS.B
,
6
.26
%
,
1/24/27
....
2,523
2,433
L2500086.UP.FTS.B
,
7
.95
%
,
1/24/27
....
5,019
4,893
L2497458.UP.FTS.B
,
8
.44
%
,
1/24/27
....
15,069
14,674
L2497353.UP.FTS.B
,
9
.69
%
,
1/24/27
....
5,715
5,566
L2500305.UP.FTS.B
,
11
.35
%
,
1/24/27
....
451
441
FW2499235.UP.FTS.B
,
11
.45
%
,
1/24/27
..
2,927
2,860
L2498623.UP.FTS.B
,
12
.18
%
,
1/24/27
....
1,119
152
FW2497574.UP.FTS.B
,
12
.62
%
,
1/24/27
..
16,855
3,838
L2497797.UP.FTS.B
,
12
.7
%
,
1/24/27
....
3,214
3,142
L2500282.UP.FTS.B
,
13
.29
%
,
1/24/27
....
5,171
705
L2498730.UP.FTS.B
,
14
.35
%
,
1/24/27
....
2,927
2,859
FW2499948.UP.FTS.B
,
14
.6
%
,
1/24/27
...
3,415
3,337
L2500513.UP.FTS.B
,
14
.9
%
,
1/24/27
....
9,444
9,238
L2494019.UP.FTS.B
,
16
.44
%
,
1/24/27
....
2,887
2,855
L2497377.UP.FTS.B
,
16
.51
%
,
1/24/27
....
2,650
2,620
L2500130.UP.FTS.B
,
18
.16
%
,
1/24/27
....
3,440
3,381
L2500098.UP.FTS.B
,
18
.6
%
,
1/24/27
....
3,706
3,667
L2497754.UP.FTS.B
,
19
.19
%
,
1/24/27
....
1,543
1,516
L2498546.UP.FTS.B
,
19
.91
%
,
1/24/27
....
3,428
3,367
L2497528.UP.FTS.B
,
19
.93
%
,
1/24/27
....
2,510
2,467
L2499090.UP.FTS.B
,
20
.13
%
,
1/24/27
....
3,019
2,967
FW2499205.UP.FTS.B
,
20
.72
%
,
1/24/27
..
3,177
3,124
L2499153.UP.FTS.B
,
21
.13
%
,
1/24/27
....
567
558
L2497527.UP.FTS.B
,
21
.34
%
,
1/24/27
....
2,551
2,510
FW2494038.UP.FTS.B
,
22
.37
%
,
1/24/27
..
2,065
2,031
FW2497553.UP.FTS.B
,
23
.05
%
,
1/24/27
..
8,935
8,797
L2500427.UP.FTS.B
,
23
.85
%
,
1/24/27
....
5,384
5,330
L2500298.UP.FTS.B
,
25
.15
%
,
1/24/27
....
852
838
L2500230.UP.FTS.B
,
25
.4
%
,
1/24/27
....
2,776
2,736
L2500426.UP.FTS.B
,
25
.41
%
,
1/24/27
....
694
684
L2497705.UP.FTS.B
,
25
.44
%
,
1/24/27
....
2,189
2,157
L2500467.UP.FTS.B
,
25
.44
%
,
1/24/27
....
993
253
L2500357.UP.FTS.B
,
26
.3
%
,
1/24/27
....
5,013
4,943
FW2498744.UP.FTS.B
,
26
.78
%
,
1/24/27
..
5,418
5,342
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2497724.UP.FTS.B
,
27
.87
%
,
1/24/27
....
$
3,148
$
105
FW2498534.UP.FTS.B
,
28
.67
%
,
1/24/27
..
1,041
1,027
FW2498768.UP.FTS.B
,
30
.06
%
,
1/24/27
..
854
843
FW2499403.UP.FTS.B
,
30
.76
%
,
1/24/27
..
1,580
1,560
FW2497608.UP.FTS.B
,
31
.43
%
,
1/24/27
..
961
949
FW2497327.UP.FTS.B
,
33
.75
%
,
1/24/27
..
1,171
303
FW2502639.UP.FTS.B
,
4
.89
%
,
1/25/27
...
5,554
5,353
L2443263.UP.FTS.B
,
6
.66
%
,
1/25/27
....
3,595
3,467
L2501608.UP.FTS.B
,
7
.8
%
,
1/25/27
.....
8,596
8,294
L2501547.UP.FTS.B
,
8
.21
%
,
1/25/27
....
2,701
2,630
L2502319.UP.FTS.B
,
8
.49
%
,
1/25/27
....
18,162
17,685
L2502134.UP.FTS.B
,
9
.38
%
,
1/25/27
....
13,880
13,520
L2502174.UP.FTS.B
,
9
.86
%
,
1/25/27
....
7,444
542
FW2498378.UP.FTS.B
,
11
.81
%
,
1/25/27
..
13,611
13,304
L2501198.UP.FTS.B
,
12
.05
%
,
1/25/27
....
5,691
5,562
L2500626.UP.FTS.B
,
12
.15
%
,
1/25/27
....
1,964
1,923
FW2502179.UP.FTS.B
,
12
.78
%
,
1/25/27
..
919
899
L2501977.UP.FTS.B
,
12
.89
%
,
1/25/27
....
18,188
17,784
L2502247.UP.FTS.B
,
13
.43
%
,
1/25/27
....
1,854
1,812
L2503471.UP.FTS.B
,
13
.93
%
,
1/25/27
....
2,338
2,285
L2500808.UP.FTS.B
,
14
.3
%
,
1/25/27
....
3,468
3,392
L2501876.UP.FTS.B
,
14
.91
%
,
1/25/27
....
1,890
1,848
L2499095.UP.FTS.B
,
16
.97
%
,
1/25/27
....
1,453
1,438
L2501997.UP.FTS.B
,
17
.77
%
,
1/25/27
....
2,446
2,420
FW2501148.UP.FTS.B
,
17
.78
%
,
1/25/27
..
978
967
FW2501125.UP.FTS.B
,
17
.82
%
,
1/25/27
..
734
722
L2502439.UP.FTS.B
,
18
.98
%
,
1/25/27
....
3,381
3,324
L2500727.UP.FTS.B
,
19
.88
%
,
1/25/27
....
4,233
1,045
FW2501295.UP.FTS.B
,
20
.14
%
,
1/25/27
..
503
495
FW2500961.UP.FTS.B
,
20
.28
%
,
1/25/27
..
3,176
3,126
FW2501561.UP.FTS.B
,
21
.33
%
,
1/25/27
..
2,866
2,819
L2503424.UP.FTS.B
,
21
.51
%
,
1/25/27
....
5,010
4,927
L2502058.UP.FTS.B
,
21
.83
%
,
1/25/27
....
5,149
5,070
L2500977.UP.FTS.B
,
22
.64
%
,
1/25/27
....
3,748
3,689
FW2503468.UP.FTS.B
,
24
.6
%
,
1/25/27
...
1,779
1,753
FW2503375.UP.FTS.B
,
24
.71
%
,
1/25/27
..
1,629
1,606
FW2503209.UP.FTS.B
,
25
.12
%
,
1/25/27
..
3,667
3,615
L2500860.UP.FTS.B
,
25
.49
%
,
1/25/27
....
727
717
FW2501330.UP.FTS.B
,
26
.47
%
,
1/25/27
..
2,979
2,939
FW2502187.UP.FTS.B
,
26
.63
%
,
1/25/27
..
2,704
2,667
FW2501053.UP.FTS.B
,
27
.35
%
,
1/25/27
..
4,532
4,471
FW2502652.UP.FTS.B
,
27
.68
%
,
1/25/27
..
2,680
2,645
FW2503169.UP.FTS.B
,
27
.77
%
,
1/25/27
..
561
553
FW2501180.UP.FTS.B
,
28
.56
%
,
1/25/27
..
1,863
26
FW2500797.UP.FTS.B
,
28
.58
%
,
1/25/27
..
1,071
1,057
FW2502849.UP.FTS.B
,
29
.19
%
,
1/25/27
..
513
507
FW2503502.UP.FTS.B
,
31
.01
%
,
1/25/27
..
1,411
1,393
FW2501430.UP.FTS.B
,
31
.03
%
,
1/25/27
..
1,086
281
FW2502879.UP.FTS.B
,
31
.04
%
,
1/25/27
..
17,634
17,437
FW2500654.UP.FTS.B
,
31
.21
%
,
1/25/27
..
553
546
FW2502276.UP.FTS.B
,
33
.54
%
,
1/25/27
..
2,913
2,880
L2500341.UP.FTS.B
,
18
.83
%
,
1/28/27
....
1,287
1,263
FW2499482.UP.FTS.B
,
28
.65
%
,
1/28/27
..
9,383
9,255
FW2498422.UP.FTS.B
,
31
.2
%
,
2/01/27
...
590
582
FW2500954.UP.FTS.B
,
23
.81
%
,
2/07/27
..
4,379
4,315
L2500786.UP.FTS.B
,
26
.35
%
,
2/09/27
....
1,556
1,531
FW1729970.UP.FTS.B
,
18
.27
%
,
2/17/27
..
15,681
15,394
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1729858.UP.FTS.B
,
25
.05
%
,
2/17/27
....
$
14,427
$
3,570
FW1729684.UP.FTS.B
,
29
.1
%
,
2/17/27
...
7,207
7,103
L1902477.UP.FTS.B
,
13
.65
%
,
3/22/27
....
5,165
5,039
L2031108.UP.FTS.B
,
11
.34
%
,
4/12/27
....
25,512
5,579
L2032268.UP.FTS.B
,
15
.84
%
,
4/12/27
....
9,223
9,101
L2032266.UP.FTS.B
,
21
.24
%
,
4/12/27
....
3,209
3,152
FW2032681.UP.FTS.B
,
22
.41
%
,
4/12/27
..
1,567
216
L2032337.UP.FTS.B
,
26
.62
%
,
4/12/27
....
5,776
3,672
FW2003411.UP.FTS.B
,
27
.5
%
,
4/12/27
...
4,442
4,359
L2972334.UP.FTS.B
,
6
.17
%
,
4/19/27
....
23,575
22,800
L2971979.UP.FTS.B
,
6
.84
%
,
4/19/27
....
12,747
12,331
L2971286.UP.FTS.B
,
7
.38
%
,
4/19/27
....
11,975
11,587
L2972081.UP.FTS.B
,
7
.8
%
,
4/19/27
.....
2,854
187
FW2972190.UP.FTS.B
,
7
.92
%
,
4/19/27
...
22,819
22,084
L2971527.UP.FTS.B
,
13
.17
%
,
4/19/27
....
5,405
5,293
L2967243.UP.FTS.B
,
14
.24
%
,
4/19/27
....
8,863
8,682
L2971759.UP.FTS.B
,
16
.29
%
,
4/19/27
....
4,076
4,036
L2971657.UP.FTS.B
,
16
.32
%
,
4/19/27
....
1,150
1,139
L2971854.UP.FTS.B
,
16
.46
%
,
4/19/27
....
1,628
1,612
FW2968818.UP.FTS.B
,
17
.01
%
,
4/19/27
..
10,228
744
L2972316.UP.FTS.B
,
18
.63
%
,
4/19/27
....
31,344
2,253
L2971776.UP.FTS.B
,
19
.69
%
,
4/19/27
....
3,661
3,627
L2972008.UP.FTS.B
,
20
.74
%
,
4/19/27
....
3,085
3,044
FW2971643.UP.FTS.B
,
24
.95
%
,
4/19/27
..
12,444
12,292
L2971841.UP.FTS.B
,
25
.2
%
,
4/19/27
....
836
826
L2030886.UP.FTS.B
,
25
.5
%
,
4/19/27
....
13,859
13,626
FW2972220.UP.FTS.B
,
26
.42
%
,
4/19/27
..
2,317
2,291
L2971662.UP.FTS.B
,
26
.49
%
,
4/19/27
....
596
588
FW2972102.UP.FTS.B
,
26
.72
%
,
4/19/27
..
1,927
1,905
FW2972305.UP.FTS.B
,
27
.33
%
,
4/19/27
..
3,596
3,558
L2100737.UP.FTS.B
,
22
.28
%
,
4/23/27
....
12,542
12,422
FW2102410.UP.FTS.B
,
22
.44
%
,
5/07/27
..
2,889
2,847
L2250389.UP.FTS.B
,
13
.11
%
,
5/14/27
....
11,526
6,898
FW2250025.UP.FTS.B
,
13
.65
%
,
5/14/27
..
4,190
180
L2247268.UP.FTS.B
,
14
.22
%
,
5/14/27
....
27,694
27,242
L2250559.UP.FTS.B
,
14
.84
%
,
5/14/27
....
3,764
3,666
L2248252.UP.FTS.B
,
18
.48
%
,
5/14/27
....
1,985
144
FW2249414.UP.FTS.B
,
19
.5
%
,
5/14/27
...
4,146
4,068
L2251037.UP.FTS.B
,
19
.7
%
,
5/14/27
....
1,086
1,070
FW2248500.UP.FTS.B
,
23
.6
%
,
5/14/27
...
1,806
1,152
L2252566.UP.FTS.B
,
19
.55
%
,
5/15/27
....
3,306
1,988
L2252234.UP.FTS.B
,
21
.66
%
,
5/15/27
....
2,813
390
FW2252591.UP.FTS.B
,
31
.67
%
,
5/15/27
..
5,633
5,582
L2250436.UP.FTS.B
,
22
.79
%
,
5/27/27
....
13,931
13,741
L2497350.UP.FTS.B
,
13
.11
%
,
6/24/27
....
5,547
5,401
FW2497520.UP.FTS.B
,
17
.89
%
,
6/24/27
..
3,741
3,693
L2497796.UP.FTS.B
,
18
.8
%
,
6/24/27
....
4,491
327
L2500224.UP.FTS.B
,
25
.04
%
,
6/24/27
....
3,694
3,647
FW2499989.UP.FTS.B
,
28
.3
%
,
6/24/27
...
5,828
1,392
L2472114.UP.FTS.B
,
7
.63
%
,
6/25/27
.....
12,241
885
L2501796.UP.FTS.B
,
9
.36
%
,
6/25/27
....
7,617
7,417
FW2502647.UP.FTS.B
,
31
.05
%
,
6/25/27
..
6,360
6,313
FW1729187.UP.FTS.B
,
30
.3
%
,
7/17/27
...
4,032
3,971
L1900981.UP.FTS.B
,
20
.57
%
,
8/22/27
....
2,137
138
FW2972075.UP.FTS.B
,
9
.42
%
,
9/19/27
...
21,336
12,303
L2971880.UP.FTS.B
,
24
%
,
9/19/27
......
24,808
24,593
FW2249158.UP.FTS.B
,
11
.8
%
,
10/28/27
..
7,404
7,213
Franklin
Universal
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2500185.UP.FTS.B
,
30
.96
%
,
11/24/27
.
$
6,358
$
6,268
L2498668.UP.FTS.B
,
13
.66
%
,
11/25/27
...
23,690
23,094
L2499062.UP.FTS.B
,
17
.84
%
,
12/08/27
...
944
365
L2971929.UP.FTS.B
,
24
.66
%
,
2/19/28
....
14,267
14,092
L1901406.UP.FTS.B
,
27
.3
%
,
10/22/28
....
3,853
3,848
FW2250011.UP.FTS.B
,
27
.44
%
,
12/14/34
.
399
28
FW2503345.UP.FTS.B
,
13
.6
%
,
1/25/35
...
194
55
1,397,803
Total
Marketplace
Loans
(Cost
$
3,760,651
)
.......................
$3,250,228
a
The
rate
shown
represents
the
yield
at
period
end.
Franklin
Universal
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
February
28,
2025
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
Franklin
Universal
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$205,536,119
Cost
-
Non-controlled
affiliates
(Note
3
c
)
........................................................
5,775,624
Value
-
Unaffiliated
issuers
..................................................................
$259,021,749
Value
-
Non-controlled
affiliates
(Note
3
c
)
.......................................................
5,775,624
Cash
....................................................................................
87,362
Receivables:
Investment
securities
sold
...................................................................
851,375
Dividends
and
interest
.....................................................................
3,238,624
Total
assets
..........................................................................
268,974,734
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
450,000
Credit
facility
(Note
7
)
......................................................................
60,000,000
Management
fees
.........................................................................
165,341
Trustees'
fees
and
expenses
.................................................................
418
Accrued
interest
(Note
7
)
...................................................................
277,667
Accrued
expenses
and
other
liabilities
...........................................................
263,830
Total
liabilities
.........................................................................
61,157,256
Net
assets,
at
value
.................................................................
$207,817,478
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$153,387,576
Total
distributable
earnings
(losses)
.............................................................
54,429,902
Net
assets,
at
value
.................................................................
$207,817,478
Shares
outstanding
.........................................................................
25,131,894
Net
asset
value
per
share
a
....................................................................
$8.27
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Universal
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
February
28,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
Franklin
Universal
Trust
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$7,761)
Unaffiliated
issuers
........................................................................
$1,530,100
Non-controlled
affiliates
(Note
3
c
)
.............................................................
108,094
Interest:
Unaffiliated
issuers
........................................................................
5,963,101
Total
investment
income
...................................................................
7,601,295
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,004,840
Transfer
agent
fees
.........................................................................
22,690
Custodian
fees
.............................................................................
1,102
Reports
to
shareholders
fees
..................................................................
45,850
Professional
fees
...........................................................................
91,882
Trustees'
fees
and
expenses
..................................................................
1,366
Marketplace
lending
fees
(Note
1
e
)
.............................................................
165,783
Interest
expense
(Not
e
7)
....................................................................
1,794,917
Other
....................................................................................
(34,202)
Total
expenses
.........................................................................
3,094,228
Expenses
waived/paid
by
affiliates
(Note
3
c
)
...................................................
(8,941)
Net
expenses
.........................................................................
3,085,287
Net
investment
income
................................................................
4,516,008
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
4,435,529
Foreign
currency
transactions
................................................................
548
Net
realized
gain
(loss)
..................................................................
4,436,077
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(918,423)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(885)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(919,308)
Net
realized
and
unrealized
gain
(loss)
............................................................
3,516,769
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$8,032,777
Franklin
Universal
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
Franklin
Universal
Trust
Six
Months
Ended
February
28,
2025
(unaudited)
Year
Ended
August
31,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$4,516,008
$8,253,852
Net
realized
gain
(loss)
.................................................
4,436,077
604,969
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(919,308)
25,292,499
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
8,032,777
34,151,320
Distributions
to
shareholders
..............................................
(6,408,633)
(7,460,217)
Distributions
to
shareholders
from
tax
return
of
capital
...........................
—
(5,357,049)
Total
distributions
to
shareholders
..........................................
(6,408,633)
(12,817,266)
Net
increase
(decrease)
in
net
assets
...................................
1,624,144
21,334,054
Net
assets:
Beginning
of
period
.....................................................
206,193,334
184,859,280
End
of
period
..........................................................
$207,817,478
$206,193,334
Franklin
Universal
Trust
Financial
Statements
Statement
of
Cash
Flows
for
the
six
months
ended
February
28,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
Franklin
Universal
Trust
Cash
flow
from
operating
activities:
Dividends,
interest
and
other
income
received
.....................................................
$
7,241,260
Operating
expenses
paid
.....................................................................
(1,266,258)
Interest
expense
paid
........................................................................
(1,824,667)
Realized
gain
on
foreign
currency
transactions
.....................................................
548
Purchases
of
long-term
investments
.............................................................
(24,843,391)
Sales
and
maturities
of
long-term
investments
.....................................................
28,746,611
Net
purchases
of
short-term
investments
.........................................................
(1,612,908)
Cash
provided
-
operating
activities
..........................................................
6,441,195
Cash
flow
from
financing
activities:
Cash
distributions
to
shareholders
..............................................................
(6,408,633)
Cash
used
-
financing
activities
.............................................................
(6,408,633)
Net
increase
(decrease)
in
cash
.................................................................
32,562
Cash
at
beginning
of
period
.....................................................................
54,800
Cash
at
end
of
period
.........................................................................
$87,362
Reconciliation
of
Net
Increase
(Decrease)
in
Net
Assets
resulting
from
Operating
Activities
to
Net
Cash
Provided
by
Operating
Activities
for
the
period
ended
February
28,
2025
Net
increase
(decrease)
in
net
assets
resulting
from
operating
activities
....................................
$
8,032,777
Adjustments
to
reconcile
net
increase
(decrease)
in
net
assets
resulting
from
operating
activities
to
net
cash
provided
by
operating
activities:
Net
amortization
income
..................................................................
(106,322)
Reinvested
dividends
from
non-controlled
affiliates
...............................................
(108,094)
Interest
received
in
the
form
of
securities
......................................................
(33,312)
Increase
in
dividends
and
interest
receivable
and
other
assets
......................................
(78,110)
Decrease
in
interest
payable
...............................................................
(29,750)
Increase
in
payable
to
affiliates,
accrued
expenses,
and
other
liabilities
...............................
24,112
Increase
in
payable
for
investments
purchased
.................................................
428,918
Increase
in
receivable
for
investments
sold
.....................................................
(851,375)
Increase
in
cost
of
investments
.............................................................
(1,756,072)
Increase
in
unrealized
appreciation
on
investments.
..............................................
918,423
Net
cash
provided
by
operating
activities
...........................................................
$6,441,195
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
30
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
Universal
Trust (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
31
franklintempleton.com
Semiannual
Report
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
d.
Senior
Floating
Rate
Interests
The
Fund
invests
in
senior
secured
corporate
loans
that
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank
or
the
Secured
Overnight
Financing
Rate
(SOFR).
Senior
secured
corporate
loans
often
require
prepayment
of
principal
from
excess
cash
flows
or
at
the
discretion
of
the
borrower.
As
a
result,
actual
maturity
may
be
substantially
less
than
the
stated
maturity.
Senior
secured
corporate
loans
in
which
the Fund
invests
are
generally
readily
marketable,
but
may
be
subject
to
certain
restrictions
on
resale.
e.
Marketplace
Lending
The
Fund
invests
in
loans
obtained
through
marketplace
lending.
Marketplace
lending,
sometimes
referred
to
as
peer-to-peer
lending,
is
a
method
of
financing
in
which
a
platform
facilitates
the
borrowing
and
lending
of
money.
It
is
considered
an
alternative
to
more
traditional
forms
of
debt
financing.
Prospective
borrowers
are
required
to
provide
certain
financial
information
to
the
platform,
including,
but
not
limited
to,
the
intended
purpose
of
the
loan,
income,
employment
information,
credit
score,
debt-to-income
ratio,
credit
history
(including
defaults
and
delinquencies)
and
home
ownership
status.
Based
on
this
and
other
information,
the
platform
assigns
its
own
credit
rating
to
the
borrower
and
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
32
franklintempleton.com
Semiannual
Report
sets
the
interest
rate
for
the
requested
loan.
The
platform
then
posts
the
borrowing
requests
online,
giving
investors
the
opportunity
to
purchase
the
loans
based
on
factors
such
as
the
interest
rates
and
expected
yields
of
the
loans,
the
borrower
background
data,
and
the
credit
rating
assigned
by
the
platform.
When
the
Fund
invests
in
these
loans,
it
usually
purchases
all
rights,
title
and
interest
in
the
loans
pursuant
to
a
loan
purchase
agreement
directly
from
the
platform.
The
platform
or
a
third-party
servicer
typically
continues
to
service
the
loans,
collecting
payments
and
distributing
them
to
the
Fund,
less
any
servicing
fees
assessed.
The
servicer
is
typically
responsible
for
taking
actions
against
a
borrower
in
the
event
of
a
default
on
the
loan.
Servicing
fees,
along
with
other
administration
fees,
are
included
in
marketplace
lending
fees
in
the
Statement
of
Operations.
The Fund,
as
an
investor
in
a
loan,
would
be
entitled
to
receive
payment
only
from
the
borrower
and
would
not
be
able
to
recover
any
deficiency
from
the
platform,
except
under
very
narrow
circumstances.
The
loans
in
which
the
Fund
may
invest
are
unsecured.
f.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
February
28,
2025, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
g.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
The
Fund
may
receive
other
income
from
investments
in
senior
secured
corporate
loans
or
unfunded
commitments,
including
amendment
fees,
consent
fees
or
commitment
fees.
These
fees
are
recorded
as
income
when
received
by
the
Fund.
Facility
fees
are
recognized
as
income
over
the
expected
term
of
the
loan.
Dividend
income
is
recorded
on
the
ex-
dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
h.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Marketplace
Lending
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
33
franklintempleton.com
Semiannual
Report
i.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
February
28,
2025,
there
were
an
unlimited
number
of
shares
authorized
($0.01
par
value).
During
the periods
ended
February
28,
2025 and
August
31,
2024,
there
were
no
shares
issued;
all
reinvested
distributions
were
satisfied
with
previously
issued
shares
purchased
in
the
open
market.
Under
the
Board
approved
open-market
share
repurchase
program,
the
Fund
may
purchase,
from
time
to
time,
Fund
shares
in
open-market
transactions,
at
the
discretion
of
management.
During
the
periods ended
February
28,
2025
and
August
31,
2024,
there
were
no
shares
repurchased.
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated weekly
and
paid
monthly,
to Advisers
of
0.75%
per
year
of
the
average weekly
managed
assets.
Managed
assets
are
defined
as
the
Fund’s
gross
asset
value
minus
the
sum
of
accrued
liabilities,
other
than
the
principal
amount
of
the
Credit
Facility.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
February
28,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
34
franklintempleton.com
Semiannual
Report
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
August
31,
2024,
the
capital
loss
carryforwards
were
as
follows:
At
February
28,
2025,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
defaulted
securities,
bond
discounts
and
premiums
and
corporate
actions.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
February
28,
2025,
aggregated
$25,272,309 and
$30,000,066,
respectively. 
6.
Credit
Risk
and
Defaulted
Securities
At
February
28,
2025,
the
Fund
had 56.3%
of
its
portfolio
invested
in
high
yield
securities,
senior
secured
floating
rate
loans,
or
other
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Universal
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.06%
.
$4,054,622
$25,526,085
$(23,805,083)
$—
$—
$5,775,624
5,775,624
$108,094
Total
Affiliated
Securities
...
$4,054,622
$25,526,085
$(23,805,083)
$—
$—
$5,775,624
$108,094
Capital
loss
carryforwards
not
subject
to
expiration:
Long
term
................................................................................
816,615
Cost
of
investments
..........................................................................
$212,093,850
Unrealized
appreciation
........................................................................
$65,910,384
Unrealized
depreciation
........................................................................
(13,206,861)
Net
unrealized
appreciation
(depreciation)
..........................................................
$52,703,523
3.
Transactions
with
Affiliates
(continued)
c.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
35
franklintempleton.com
Semiannual
Report
The
Fund held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
February
28,
2025,
the
aggregate
value
of
these
securities
represents
less
than
0.1%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying
Schedule
of
Investments.
7.
Credit
Facility
On
September
15,
2023,
the
Fund
entered
into
a
senior
secured
margin
loan
and
security
agreement
(Credit
Facility)
with
Bank
of
America,
N.A.
(BofA)
pursuant
to
which
the
Fund
borrowed
the
maximum
commitment
amount
of
$60
million
for
a
3-year
term,
which
matures
on
September
14,
2026.
The
Credit
Facility
provides
a
source
of
funds
to
the
Fund
to
purchase
additional
investments
as
part
of
its
investment
strategy.
Under
the
terms
of
the
Credit
Facility,
the
Fund
pays
interest
on
outstanding
borrowings
at
a
fixed
rate
of
5.95%.
Collateral
pledged
by
the
Fund
associated
with
outstanding
borrowings
is
held
in
a
segregated
account
with
the
Fund’s
custodian
and
the
securities
are
indicated
in
the
Schedule
of
Investments.
At
February
28,
2025,
the
Fund
had
outstanding
borrowings
of
$60,000,000,
which
approximates
fair
value.
The
borrowings
are
categorized
as
Level
2
within
the
fair
value
hierarchy.
The
average
borrowings
and
the
average
interest
rate
for
the
days
with
outstanding
borrowings
during
the period
ended
February
28,
2025,
were
$60,000,000
and
5.95%,
respectively.
8.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
February
28,
2025,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Electric
Utilities
........................
$
52,394,705
$
—
$
—
$
52,394,705
Metals
&
Mining
.......................
4,845,154
—
—
4,845,154
Multi-Utilities
..........................
33,002,014
—
—
33,002,014
Oil,
Gas
&
Consumable
Fuels
.............
2,982,015
210,048
—
3,192,063
Pharmaceuticals
.......................
327,486
—
—
327,486
6.
Credit
Risk
and
Defaulted
Securities
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Software
.............................
$
—
$
—
$
7,011
$
7,011
Convertible
Preferred
Stocks
................
179,640
—
—
179,640
Preferred
Stocks
.........................
506,550
—
—
506,550
Warrants
...............................
17,643
—
—
17,643
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
2,545,873
—
2,545,873
Automobile
Components
.................
—
4,845,670
—
4,845,670
Automobiles
..........................
—
1,079,818
—
1,079,818
Biotechnology
.........................
—
1,291,240
—
1,291,240
Broadline
Retail
.......................
—
712,681
—
712,681
Building
Products
......................
—
5,097,801
—
5,097,801
Capital
Markets
........................
—
1,503,654
—
1,503,654
Chemicals
...........................
—
6,595,361
—
a
6,595,361
Commercial
Services
&
Supplies
...........
—
5,396,992
—
5,396,992
Communications
Equipment
..............
—
1,519,158
—
1,519,158
Construction
&
Engineering
...............
—
386,575
—
386,575
Consumer
Finance
.....................
—
4,798,338
—
4,798,338
Consumer
Staples
Distribution
&
Retail
......
—
726,393
—
726,393
Containers
&
Packaging
.................
—
4,035,261
—
4,035,261
Distributors
...........................
—
1,245,798
—
1,245,798
Diversified
Consumer
Services
............
—
759,360
—
759,360
Diversified
REITs
......................
—
2,298,886
—
2,298,886
Diversified
Telecommunication
Services
.....
—
4,446,995
—
4,446,995
Electric
Utilities
........................
—
3,683,474
—
3,683,474
Electrical
Equipment
....................
—
1,706,904
—
1,706,904
Electronic
Equipment,
Instruments
&
Components
........................
—
774,050
—
774,050
Energy
Equipment
&
Services
.............
—
3,849,095
—
3,849,095
Entertainment
.........................
—
834,386
—
834,386
Financial
Services
......................
—
7,459,953
—
7,459,953
Food
Products
........................
—
2,205,329
—
2,205,329
Ground
Transportation
..................
—
3,131,874
—
3,131,874
Health
Care
Equipment
&
Supplies
.........
—
1,327,813
—
1,327,813
Health
Care
Providers
&
Services
..........
—
5,677,921
—
5,677,921
Health
Care
REITs
.....................
—
770,169
—
770,169
Hotel
&
Resort
REITs
...................
—
2,332,165
—
2,332,165
Hotels,
Restaurants
&
Leisure
.............
—
10,607,145
—
a
10,607,145
Household
Durables
....................
—
4,294,993
—
4,294,993
Household
Products
....................
—
374,930
—
374,930
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
2,585,930
—
2,585,930
Insurance
............................
—
3,442,178
—
3,442,178
Interactive
Media
&
Services
..............
—
354,600
—
354,600
IT
Services
...........................
—
2,759,674
—
2,759,674
Life
Sciences
Tools
&
Services
............
—
703,711
—
703,711
Machinery
............................
—
3,960,103
—
3,960,103
Media
...............................
—
5,972,316
—
5,972,316
Metals
&
Mining
.......................
—
4,475,160
—
4,475,160
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
1,397,830
—
1,397,830
Oil,
Gas
&
Consumable
Fuels
.............
—
19,516,361
—
a
19,516,361
Paper
&
Forest
Products
.................
—
364,212
—
364,212
Passenger
Airlines
.....................
—
1,635,179
—
1,635,179
Personal
Care
Products
.................
—
612,866
—
612,866
8.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At
February
28,
2025,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Universal
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Corporate
Bonds:
(continued)
Pharmaceuticals
.......................
$
—
$
1,776,657
$
—
$
1,776,657
Real
Estate
Management
&
Development
....
—
837,297
—
837,297
Software
.............................
—
2,386,091
—
2,386,091
Specialized
REITs
......................
—
1,012,931
—
1,012,931
Specialty
Retail
........................
—
1,253,753
—
1,253,753
Textiles,
Apparel
&
Luxury
Goods
..........
—
746,129
—
746,129
Trading
Companies
&
Distributors
..........
—
3,855,010
—
3,855,010
Wireless
Telecommunication
Services
.......
—
2,833,751
844
2,834,595
Senior
Floating
Rate
Interests
...............
—
33,204
—
33,204
Marketplace
Loans
.......................
—
—
3,250,228
3,250,228
Asset-Backed
Securities
...................
—
17,681
—
17,681
Municipal
Bonds
.........................
—
442,982
—
442,982
Escrows
and
Litigation
Trusts
...............
—
6,750
—
a
6,750
Short
Term
Investments
...................
5,775,624
—
—
5,775,624
Total
Investments
in
Securities
...........
$100,030,831
$161,508,459
$3,258,083
$264,797,373
a
Includes
financial
instruments
determined
to
have
no
value.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Software
..........
$
—
$
1,299,500
$
—
$
—
$
—
$
—
$
—
$
(1,292,489)
$
7,011
$
(1,292,489)
Corporate
Bonds
:
Chemicals
........
—
—
—
3,851
—
—
—
(3,851)
—
d
(3,851)
Hotels,
Restaurants
&
Leisure
.........
—
d
—
—
—
—
—
—
—
—
d
—
Oil,
Gas
&
Consumable
Fuels
..........
—
d
—
—
—
—
—
—
—
—
d
—
Wireless
Telecommunication
Services
........
893
—
(316)
—
—
283
292
(308)
844
97
Senior
Floating
Rate
Interests
:
Media
...........
—
—
(54,386)
65,533
—
—
3,721
(14,868)
—
d
(15,139)
Marketplace
Loans
:
Financial
Services
...
5,201,571
23,697
(2,041,790)
—
—
—
(90,264)
157,014
3,250,228
(94,074)
Escrows
and
Litigation
Trusts
:
 —
d
—
d
(7,052)
—
—
—
7,052
—
—
d
—
Total
Investments
in
Securities
............
$5,202,464
$1,323,197
$(2,103,544)
$69,384
$—
$283
$(79,199)
$(1,154,502)
$3,258,083
$(1,405,456)
8.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
38
franklintempleton.com
Semiannual
Report
Significant
unobservable
valuation
inputs
for
material
Level
3 assets
and/or
liabilities and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
February
28,
2025,
are
as
follows:
9.
Operating
Segments
The
Fund has adopted
the
FASB
Accounting
Standards
Update
(ASU)
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures.
The
update
is
limited
to
disclosure
requirements
and
does
not
impact
the Fund's
financial
position
or
results
of
operations.
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
Fund's Investment
manager
serves
as
the
Chief
Operating
Decision
Maker
(CODM),
evaluating
fund-wide
results
and
performance
under
a
unified
investment
strategy.
The
CODM
uses
these
measures
to
assess
fund
performance
and
allocate
resources
effectively.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's
investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Transferred
into
Level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Universal
Trust
Assets:
Investments
in
Securities:
Marketplace
Loans:
Financial
Services
...........
$3,250,228
Discounted
cash
flow
Loss-adjusted
discount
rate
0.8%
-
14.0%
(7.6%)
Decrease
Projected
loss
rate
0.1%
-
57.8%
(18.1%)
Decrease
All
Other
Investments
..........
7,855
c,d 
Total
$3,258,083
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
c
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
d
Includes
financial
instruments
determined
to
have
no
value.
8.
Fair
Value
Measurements
(continued)
Franklin
Universal
Trust
Notes
to
Financial
Statements
(unaudited)
39
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Semiannual
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10.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
FRN
Floating
Rate
Note
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
Franklin
Universal
Trust
Important
Information
to
Shareholders
40
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Report
Share
Repurchase
Program
The
Fund’s
Board
previously
authorized
an
open-market
share
repurchase
program,
pursuant
to
which
the
Fund
may
purchase
Fund
shares,
from
time
to
time,
up
to
10%
of
the
Fund’s
common
shares
in
open-market
transactions,
at
the
discretion
of
management.
This
authorization
remains
in
effect.
Approval
of
Borrowing
Arrangements
Effective
as
of
September
15,
2023,
the
Fund
is
a
party
to
a
committed,
senior,
secured
line
of
credit
(the
“Credit
Facility”)
with
Bank
of
America,
N.A.
The
Credit
Facility
has
a
maximum
commitment
of
$60,000,000
and
continues
for
a
three-year
term,
maturing
on
September
14,
2026.
Please
See
Note
7
for
additional
details.
The
purpose
of
the
Credit
Facility
Renewal
is
to
retire
and
refinance
the
Fund’s
outstanding
$65
million
in
notes.
Portfolio
Management
Changes
Effective
September
30,
2024,
Patricia
O'Connor
was
added
as
a
Portfolio
Manager
of
the
Fund.
Franklin
Universal
Trust
Annual
Meeting
of
Shareholders:
March
6,
2025
(unaudited)
41
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Report
The
Annual
Meeting
of
Shareholders
of
Franklin
Universal
Trust
(the
“Fund”)
was
held
at
the
Fund’s
offices,
300
S.E.
2nd
Street,
Fort
Lauderdale,
Florida,
on
March
6,
2025.
The
purpose
of
the
meeting
was
to
elect
three
Trustees
of
the
Fund.
At
the
meeting,
the
following
persons
were
elected
by
the
shareholders
to
serve
as
Trustees
of
the
Fund:
Gregory
E.
Johnson,
J.
Michael
Luttig
and
Valerie
M.
Williams.*
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
Annual
Meeting
are
as
follows:
Election
of
three
Trustees:
The
Fund
is
not
aware
of
broker
non-votes
received
with
respect
to
this
item.
*
Harris
J.
Ashton,
Terrence
J.
Checki,
Mary
C.
Choksi,
Edith
E.
Holiday,
Rupert
H.
Johnson,
Jr.,
and
Larry
D.
Thompson
are
Trustees
of
the
Fund
who
are
currently
serving
and
whose
terms
of
office
continued
after
the
Annual
Meeting
of
Shareholders.
Term
Expiring
2028
For
%
of
Outstanding
Shares
%
of
Shares
Present
Withheld
%
of
Outstanding
Shares
%
of
Shares
Present
Gregory
E.
Johnson
16,932,888
67.38%
95.40%
816,600
3.25%
4.60%
J.
Michael
Luttig
16,928,844
67.36%
95.38%
820,644
3.27%
4.62%
Valerie
M.
Williams
16,929,438
67.36%
95.38%
820,050
3.26%
4.62%
Franklin
Universal
Trust
Dividend
Reinvestment
and
Cash
Purchase
Plan
42
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Report
The
Fund’s
Dividend
Reinvestment
and
Cash
Purchase
Plan
(Plan)
offers
you
a
prompt
and
simple
way
to
reinvest
dividends
and
capital
gain
distributions
in
shares
of
the
Fund.
The
Plan
also
allows
you
to
purchase
additional
shares
of
the
Fund
by
making
voluntary
cash
payments.
Equiniti
Trust
Company,
LLC
(Plan
Agent),
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
acts
as
your
Plan
Agent
in
administering
the
Plan.
You
are
automatically
enrolled
in
the
Plan
unless
you
elect
to
receive
dividends
or
distributions
in
cash.
If
you
own
shares
in
your
own
name,
you
should
notify
the
Plan
Agent,
in
writing,
if
you
wish
to
receive
dividends
or
distributions
in
cash.
If
the
Fund
declares
a
dividend
or
capital
gain
distribution
payable
either
in
cash
or
in
stock
of
the
Fund
and
the
market
price
of
shares
on
the
valuation
date
equals
or
exceeds
the
net
asset
value,
the
Fund
will
issue
new
shares
to
you
at
the
higher
of
net
asset
value
or
95%
of
the
then
current
market
price.
Whenever
the
Fund
declares
a
distribution
from
capital
gains
or
an
income
dividend
payable
in
either
cash
or
shares,
if
the
net
asset
value
per
share
of
the
Fund’s
common
stock
exceeds
the
market
price
per
share
on
the
valuation
date,
the
Plan
Agent
shall
apply
the
amount
of
such
dividend
or
distribution
payable
to
participants
to
the
purchase
of
shares
(less
their
pro
rata
share
of
brokerage
commissions
incurred
with
respect
to
open
market
purchases
in
connection
with
the
reinvestment
of
such
dividend
or
distribution).
If
the
price
exceeds
the
net
asset
value
before
the
Plan
Agent
has
completed
its
purchases,
the
average
purchase
price
may
exceed
the
net
asset
value,
resulting
in
fewer
shares
being
acquired
than
if
the
Fund
had
issued
new
shares.
All
reinvestments
are
in
full
and
fractional
shares,
carried
to
three
decimal
places.
The
Fund
will
not
issue
shares
under
the
Plan
at
a
price
below
net
asset
value.
The
Plan
permits
you
on
a
voluntary
basis
to
submit
in
cash
payments
of
not
less
than
$100
each
up
to
a
total
of
$5,000
per
month
to
purchase
additional
shares
of
the
Fund.
It
is
entirely
up
to
you
whether
you
wish
to
buy
additional
shares
with
voluntary
cash
payments,
and
you
do
not
have
to
send
in
the
same
amount
each
time
if
you
do.
These
payments
should
be
made
by
check
or
money
order
payable
to
Equiniti
Trust
Company,
LLC
and
sent
to
Equiniti
Trust
Company,
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
Attn:
Franklin
Universal
Trust.
Your
cash
payment
will
be
aggregated
with
the
payments
of
other
participants
and
invested
on
your
behalf
by
the
Plan
Agent
in
shares
of
the
Fund
that
are
purchased
in
the
open
market.
The
Plan
Agent
will
invest
cash
payments
on
approximately
the
5th
of
each
month
in
which
no
dividend
or
distribution
is
payable
and,
during
each
month
in
which
a
dividend
or
distribution
is
payable,
will
invest
cash
payments
beginning
on
the
dividend
payment
date.
Under
no
circumstances
will
interest
be
paid
on
your
funds
held
by
the
Plan
Agent.
Accordingly,
you
should
send
any
voluntary
cash
payments
you
wish
to
make
shortly
before
an
investment
date
but
in
sufficient
time
to
ensure
that
your
payment
will
reach
the
Plan
Agent
not
less
than
two
business
days
before
an
investment
date.
Payments
received
less
than
two
business
days
before
an
investment
date
will
be
invested
during
the
next
month
or,
if
there
are
more
than
30
days
until
the
next
investment
date,
will
be
returned
to
you.
You
may
obtain
a
refund
of
any
cash
payment
by
written
notice,
if
the
Plan
Agent
receives
the
written
notice
not
less
than
48
hours
before
an
investment
date.
There
is
no
direct
charge
to
participants
for
reinvesting
dividends
and
capital
gain
distributions,
since
the
Plan
Agent’s
fees
are
paid
by
the
Fund.
However,
when
shares
are
purchased
in
the
open
market,
each
participant
will
pay
a
pro
rata
portion
of
any
brokerage
commissions
incurred.
The
Plan
Agent
will
deduct
a
$5.00
service
fee
from
each
of
your
voluntary
cash
payments.
The
automatic
reinvestment
of
dividends
and
capital
gain
distributions
does
not
relieve
you
of
any
taxes
which
may
be
payable
on
dividends
or
distributions.
In
connection
with
the
reinvestment
of
dividends
and
capital
gain
distributions,
if
the
Fund
issues
new
shares,
shareholders
receiving
such
shares
generally
will
be
treated
as
having
a
distribution
equal
to
the
market
value
of
the
shares
received,
and
if
shares
are
purchased
on
the
open
market,
shareholders
generally
will
be
treated
as
having
received
a
distribution
equal
to
the
cash
distribution
that
would
have
been
paid.
The
Fund
does
not
issue
new
shares
in
connection
with
voluntary
cash
payments.
All
investments
are
in
full
and
fractional
shares,
carried
to
three
decimal
places.
If
the
market
price
exceeds
the
net
asset
value
at
the
time
the
Plan
Agent
purchases
the
additional
shares,
you
will
receive
shares
at
a
price
greater
than
the
net
asset
value.
Franklin
Universal
Trust
Dividend
Reinvestment
and
Cash
Purchase
Plan
43
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You
will
receive
a
monthly
account
statement
from
the
Plan
Agent
showing
total
dividends
and
capital
gain
distributions,
date
of
investment,
shares
acquired
and
price
per
share,
and
total
shares
of
record
held
by
you
and
by
the
Plan
Agent
for
you.
You
are
entitled
to
vote
all
shares
of
record,
including
shares
purchased
for
you
by
the
Plan
Agent,
and,
if
you
vote
by
proxy,
your
proxy
will
include
all
such
shares.
As
long
as
you
participate
in
the
Plan,
the
Plan
Agent
will
hold
the
shares
it
has
acquired
for
you
in
safekeeping,
in
its
name
or
in
the
name
of
its
nominee.
This
convenience
provides
added
protection
against
loss,
theft
or
inadvertent
destruction
of
certificates.
However,
you
may
request
that
a
certificate
representing
your
Plan
shares
be
issued
to
you.
You
may
withdraw
from
the
Plan
without
penalty
at
any
time
by
notifying
the
Plan
Agent,
in
writing,
at
the
address
above.
If
you
withdraw,
you
will
receive,
without
charge,
stock
certificates
issued
in
your
name
for
all
full
shares.
The
Plan
Agent
will
convert
any
fractional
shares
you
hold
at
the
time
of
your
withdrawal
to
cash
at
current
market
price
and
send
you
a
check
for
the
proceeds.
If
you
hold
shares
in
your
own
name,
please
address
all
notices,
correspondence,
questions,
or
other
communications
regarding
the
Plan
to
the
Plan
Agent
at
the
address
noted
above.
If
your
shares
are
not
held
in
your
name,
you
should
contact
your
brokerage
firm,
bank,
or
other
nominee
for
more
information
and
to
determine
if
our
nominee
will
participate
in
the
Plan
on
your
behalf.
The
Fund
or
the
Plan
Agent
may
amend
or
terminate
the
Plan.
You
will
receive
written
notice
at
least
90
days
before
the
effective
date
of
termination
or
of
any
amendment.
In
the
case
of
termination,
you
will
receive
written
notice
at
least
90
days
before
the
record
date
of
any
dividend
or
capital
gain
distribution
by
the
Fund.
Franklin
Universal
Trust
Shareholder
Information
44
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Semiannual
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Proxy
Voting
Policies
and
Procedures
The
Trust’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Trust’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Trust’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Trust
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
FUT
S
04/25
©
2025
Franklin
Templeton
Investments.
All
rights
reserved.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Franklin
Universal
Trust
Investment
Manager
Transfer
Agent
Franklin
Advisers,
Inc.
(800)
DIAL
BEN
®
/
342-5236
Equiniti
Trust
Company,
LLC
6201
15th
Avenue
Brooklyn,
NY
11219
www.equiniti.com
  (b)Not applicable

 

ITEM 2.CODE OF ETHICS.

 

Not applicable.

 

ITEM 3.AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable.

 

ITEM 4.PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable.

 

ITEM 5.AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6.SCHEDULE OF INVESTMENTS.

 

Not applicable.

 

ITEM 7.FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 8.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 9.PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 10.REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 11.STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

 

The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.

 

ITEM 12.DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 13.PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 14.PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

N/A

 

 

 

ITEM 15.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

Not applicable.

 

ITEM 16.CONTROLS AND PROCEDURES.

 

(a)The Registrant’s chief executive officer and chief financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

 

(b)There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the Registrant’s internal control over financial reporting.

 

ITEM 17.DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANY.

 

N/A

 

ITEM 18.RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

(a)Not applicable.

 

(b)Not applicable.

 

ITEM 19.EXHIBITS.

 

(a) (1) Not applicable.

Exhibit 99.CODE ETH

 

(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

 

(c) Pursuant to the Securities and Exchange Commission’s Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto as Exhibit

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

 

Franklin Universal Trust

 

By: /s/ Christopher Kings  
  Christopher Kings  
  Chief Executive Officer – Finance and Administration  
     
Date: April 28, 2025  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By: /s/ Christopher Kings  
  Christopher Kings  
  Chief Executive Officer – Finance and Administration  
     
Date: April 28, 2025  
     
By: /s/ Jeffery White  
  Jeffery White  
  Chief Financial Officer, Chief Accounting Officer and Treasurer  
     
Date: April 28, 2025